Latest News Stream - Business Climate Indicator

France’s overall business climate rose to 97 in October 2026, above expectations and September’s 96, and moving closer to its long-term average of 100. The improvement was driven mainly by manufacturing, where the indicator climbed four points to 105, its highest level among the main sectors, supported by stronger global and foreign order books. The services climate also edged up to 99 from 98, moving closer to its long-term average. Meanwhile, retail trade deteriorated, with the indicator falling three points to 93, further below its long-term average, mainly due to a sharp decline in general business outlook. Construction weakened as well, with the indicator slipping one point to 95 as contractors’ views of past activity worsened despite improved expectations for future activity. The employment climate fell three points to 95.

France’s overall business climate fell to 96 in September 2026 from 98 in the previous month and moving further below its long-term average of 100. The decline was driven mainly by retail trade, where the indicator dropped five points to 94, as order intentions, the overall business outlook and past sales assessments weakened. The services climate also edged down to 98 from 99, with demand, activity and expected staffing balances declining, while wholesale trade fell two points to 93 as past export sales and order intentions weakened. Meanwhile, the business climate in industry remained stable at 101, slightly above its long-term average, with stronger past and expected production offsetting weaker overall order books. Construction was also unchanged at 96, as improved views of past activity offset weaker business outlooks. The employment climate fell one point to 98.

France’s overall business climate improved for a third month in a row to 98 in August 2026 from 95 in the previous month, reaching its highest level since March and moving closer to its long-term average of 100. Retail trade saw the largest gain, with its climate indicator rising to 99 from 96, almost reaching its long-term average, supported by stronger ordering intentions and assessments of past sales. Manufacturing sentiment also strengthened (103 vs 101), mainly due to a sharp improvement in personal production prospects. The services climate edged up to 100 from 99, reaching its long-term average as assessments of past and future activity and expected demand improved. Meanwhile, the building construction climate remained unchanged at 96, below its long-term average, as improved expectations for future activity offset stable assessments of past activity. The employment climate was unchanged at 99.

France’s overall business climate improved to 97 in July 2026 from 95 in the previous month, reaching its highest level since March, though it remained below its long-term average of 100. The pickup was driven by retail trade, where the climate indicator climbed to 99 from 91, supported by a sharp improvement in ordering intentions and the general business outlook. The services climate also strengthened to 98 from 96, as conditions improved across all service sectors except information and communication. Additionally, manufacturing sentiment edged up to 101 from 100, supported by more favorable assessments of past production and global order books. Meanwhile, wholesale trade sentiment eased to 95 amid weaker views on past sales, including exports. The construction climate held steady at 95, as slightly weaker expectations for future activity offset improved assessments of past activity. At the same time, the employment climate remained steady at 98, following its rebound in June.

France’s overall business climate edged up to 94 in June 2026 from 93 in the previous month, though it remained well below its long-term average of 100. Retail trade showed a modest recovery, with the indicator rising to 90 from 89 as ordering intentions and the general business outlook improved slightly. Services also held steady at 93, signaling continued subdued conditions across all major sub-sectors. Meanwhile, sentiment in manufacturing weakened, with the indicator falling to 100 from 102 as assessments of past production deteriorated and production expectations continued to soften. Building construction also eased to 96 from 97, reflecting weaker views on recent activity despite improved expectations for future activity. At the same time, the employment climate declined further to 89 from 92, its lowest level since June 2013 excluding the health crisis, as firms in services and retail trade reported weaker workforce trends and hiring expectations.

France’s overall business climate remained at 94 in May 2026, unchanged from April as expected, and still well below its long-term average of 100. Sentiment in the manufacturing sector notably improved, with the indicator rising to 102 from 100, moving above its long-term average on stronger assessments of past production and firmer order books. Building construction also edged up to 97 from 96, but remained slightly below average as modestly better expectations offset subdued activity. Wholesale trade improved marginally to 96 from 95, indicating slight stabilization. Meanwhile, services weakened further, slipping to 93 from 94, and staying well below normal. Retail trade saw the sharpest drop, falling to 89 from 94, driven by weaker demand and a deteriorating outlook. The employment climate deteriorated to 92 from 95, its lowest since the health crisis and well below its long-term average, reflecting weaker workforce expectations in services.

France’s overall business climate fell to 94 in April 2026, the lowest level since July 2024, from 97 in March, moving further below its long-term average of 100. The deterioration was driven by a sharp drop in retail trade and motor vehicle confidence, where the climate indicator plunged to 94 from 99, pressured by weaker ordering intentions and a softer business outlook. Services sentiment also worsened, with the sector gauge slipping to 94 from 96, marking its lowest level since April 2015 outside the pandemic period and remaining below its long-run norm for an eighteenth straight month. Meanwhile, the business climate in building construction was unchanged at 96, still below average, as weaker expectations for future activity offset a modest rebound in views on past activity. In contrast, manufacturing provided a small offset, with confidence edging up to 100 from 99, returning to its long-term average on firmer assessments of past production and order books.

France’s overall business climate held at 97 in March 2026, remaining below its long-term average of 100. Manufacturing confidence fell to 99 from 102 in February, returning below the long-term norm, as balances for past production and order books, both overall and foreign, weakened, especially in the “other transport equipment” segment. Services sentiment stayed subdued at 96, with corporate services showing particularly gloomy conditions. The business climate in building construction edged up slightly to 97 (vs 96), supported by stable past activity and marginally improved order books, but remained under its long-term average. Retail trade and motor vehicle repair rebounded modestly to 99 (vs 98), driven by stronger ordering intentions. Meanwhile, the employment climate rose to 94 from 93, still below average, mainly due to improved expectations for workforce size in services, including temporary work agencies.

France’s overall business climate indicator fell to 97 in February 2026, the lowest level since late October, from 99 in January, moving further below its long-term average of 100. Manufacturing confidence dropped to 102 from 105, returning to its December level but remaining above average, as balances for past and expected production and overall order books deteriorated. Services sentiment also weakened, with the indicator falling to 95 from 98, as all subsectors contributed to the decline. Retail trade and motor vehicle repair edged down to 98 from 99, drifting further below average. Meanwhile, the business climate in building construction was unchanged at 97, remaining below its long-term norm. The employment climate deteriorated further, slipping to 93 from 94 and staying well below average, largely due to weaker hiring expectations in services excluding temporary work agencies.

France’s business climate indicator remained at 99 in January 2026, unchanged from December, just below its long-term average of 100. The improvement in manufacturing supported the overall climate, with the index rising to 105 (vs 102 in December), the highest level since July 2022. Views for wholesale trade also rebounded to 100 (vs 98), returning to its long-term average for the first time since November 2022, as past export sales and ordering intentions strengthened. Services remained stable at 98, below average, with business leaders’ expectations for activity and demand unchanged. Building construction also held steady at 97, below average, with past and expected activity stable. In contrast, retail trade and motor vehicle repair fell to 99 (vs 104), reversing most of December’s sharp rise and reflecting weaker ordering intentions. The employment climate slipped to 93 (vs 95), driven by weaker past and expected workforce size in services.

France’s business climate indicator rose to 99 in December 2025 from 98 in November, the highest level since February 2024, but remained below its long-term average of 100. The improvement was driven by a sharp rebound in retail trade and motor vehicle repair, where the index jumped to 104 (vs 97 in November), supported by stronger ordering intentions, and by manufacturing, which climbed to 102 (vs 98), returning above its long-term average amid better past production and firmer order books, particularly in other transport equipment. Confidence also edged higher in building construction to 96 (vs 95), though it stayed below average, while the services index was unchanged at 98, with gains concentrated in corporate services. In contrast, the employment climate slipped to 95 from 96, reflecting weaker expectations for future workforce size in services.

France’s business climate indicator edged up to 98 in November 2025 from 97 in October, though it remained below its long-term average of 100. The improvement was boosted by the services sector, where the index jumped to 98 from 95, supported by stronger expectations for demand and moving closer to its long-term average of 100. Meanwhile, the indices for both building construction and wholesale trade were unchanged at 96 and 98, respectively. Ordering intentions edged lower, while the general business outlook improved noticeably. In contrast, the manufacturing index fell to 98 from 101, reflecting weaker personal production prospects and softer order books. The climate in retail trade and motor vehicle repair also declined to 97, amid diverging trends between stronger retail trade excluding motor vehicles and a further drop in the motor vehicle segment. The employment climate improved slightly to 96 from 95 in the previous month but still remained below the average since mid-2024.

France’s business climate indicator rose to 97 in October 2025 from 96 in September, though it remained below the long-term average of 100. The rebound was driven by stronger confidence in manufacturing, where the index climbed sharply to 101 (vs 97 in September), exceeding its long-term mean for the first time since early 2024. The improvement was supported by a surge in personal production prospects and stronger order books, particularly in the “other transport equipment” sector. Retail trade, including vehicle repair, also rebounded to 99 (vs 92), nearing its long-term average, driven by higher ordering intentions and an improved business outlook, especially in motor vehicle sales. In contrast, the services climate fell to 96 (vs 98) amid weaker expectations for demand and activity, while construction also slipped to 96 (vs 98) on softer orders. The employment climate improved slightly to 96 (vs 93) but remained below average since mid-2024.

France’s business climate indicator remained steady at 96 in September 2025, unchanged for the fourth consecutive month and stayed below the long-term average of 100 since August last year. Sentiment in services improved, with the composite indicator rising to 98 after three months of stability, driven by a rebound in information and communications. Wholesale trade also picked up slightly to 98, its highest since March 2023, supported by stronger foreign deliveries and ordering intentions. In construction, conditions were broadly stable at 98, as contractors reported better past activity but weaker expectations. Meanwhile, industry slipped to 96, reflecting softer orders and past production, though production prospects edged higher. Additionally, retail and automotive trade fell further to 92, the lowest since April 2022, as sales and outlook deteriorated, though the automotive segment saw a modest rebound.

France’s business climate indicator held steady at 96 in August 2025, unchanged from July and below the long-term average of 100. Sentiment diverged across sectors: retail trade slumped sharply to 92 from 99, the weakest reading in over two years, dragged by collapsing order intentions and a poorer general outlook. Services confidence slipped to 95 from 96, marking a 14-month stretch below average, as managers grew more pessimistic on their personal outlook. Manufacturing morale was stable at 96, though still below its norm, with only finished-goods inventories showing a notable drop. In contrast, construction confidence improved to 98 from 96, lifted by brighter activity prospects and higher capacity use. Meanwhile, the employment climate softened to 95 from 96, extending its run below average since mid-2024, driven by weaker staff assessments in services excluding temporary work.

France’s business climate indicator held steady at 96 for the third straight month in July 2025, remaining at its lowest level since February and staying below the long-term average of 100. Sentiment was broadly stable across sectors, including construction and services both held at 96, while morale dipped slightly in manufacturing (96 vs 97) due to weaker production and foreign order books. Retail trade confidence also fell to 98 from 99, amid softer order intentions. On the other hand, wholesale trade was a bright spot, with confidence improving to 97 from 94 in May, supported by stronger past sales and better foreign deliveries. Meanwhile, the employment climate edged down to 97 from 98, mainly due to a decline in staff outlook in services (excluding temporary roles).

France’s business climate indicator held steady at 96 in June 2025, unchanged from the previous month and remaining at its weakest level since February 2025. The reading also stayed below the long-term average of 100, mainly due to a continued decline in sentiment among manufacturers (96 vs 97 in May). Additionally, business climate in the construction sector slightly fell, reaching its long-term average (100 vs 101). On the other hand, the services sector improved slightly (96 vs 95), supported by better demand and staffing expectations, while confidence among retailers also edged up (99 vs 98), driven by stronger ordering intentions. Meanwhile, the employment climate indicator increased by 3 percentage points to 97 in June from 94 in May, still remaining below its long-term average over the past year. This uptick is mainly due to improved expectations for staffing levels in services (excluding temporary staff).

France’s business climate indicator edged down to 96 in May 2025 from an upwardly revised 97 in the previous month, remaining below its long-term average of 100. This marked the lowest level since February 2025, as sentiment turned negative among manufacturers (97 vs 100 in April). In addition, sentiment deteriorated among service providers (95 vs 98). On the other hand, sentiment became positive among constructors (101 vs 97), and it improved among retailers (98 vs 95). Meanwhile, the employment climate indicator decreased by 2 percentage points to 95 in May from 97 in April, still remaining below its long-term average over the past year. The downturn was primarily driven by a decline in the balance of expected staff numbers in services.

France’s business climate indicator inches lower to 96 in April 2025 from 97 in the previous month, remaining below its long-term average of 100. Sentiment dipped slightly among constructors (97 vs 98) and fell more sharply among retailers (95 vs 100), weighed by weaker business outlooks and ordering intentions. In contrast, confidence improved in manufacturing (99 vs 96) and services (98 vs 97). Meanwhile, the employment climate indicator rose to 97, though it remained below its long-term average for the eleventh straight month. The improvement was mainly due to increased future workforce balances in services (including temporary work agencies).

France’s business climate indicator edged up to 97 in March 2025 from 96 in February, inching higher toward its long-term average of 100. Sentiment improved among retailers (100 vs. 97) but held steady for service providers (98) and constructors (98). In contrast, confidence among manufacturers weakened slightly (96 vs. 97). Meanwhile, the employment climate indicator rose to 96, staying below its long-term average for the tenth consecutive month. The improvement was driven by stronger past and future workforce balances in services and manufacturing.