INSEE, France’s official statistics office, reported a positive increase in business sentiment on Thursday, despite concerns over the effects of a second wave of coronavirus infections.

The index rose to 91 from 84 last month, the highest figure since March, when one of Europe’s toughest lockdowns began and industrial output plummeted.

However, INSEE warned that much of the recovery in economic activity had already happened, with business leaders’ personal outlooks being slightly less positive in August than in July. In a second survey, industrial companies reported that they plan to cut back on investment this year by about 11 percent, compared to the last figure reported, in April, of seven percent.

FILE PHOTO: Cranes move shipping containers stacked along the dockside at the Seayard Co. terminal, operated by the Marseille-Fos port authority in Fos sur Mer, France, April 20, 2016. REUTERS/Jean-Paul Pelissier