Informations Rapides ·
21 February 2025 · n° 41
In February 2025, the business climate has slightly improved whereas the employment
climate has sharply degraded Business indicator - February 2025
In February 2025, the business climate in France has slightly improved again. At 96, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors has won one point, staying below its long term average (100). The business climate has improved in services and manufacturing industry, has been stable in retail trade and has deteriorated in building construction.
In February 2025, the business climate indicator has won one point
In February 2025, the business climate in France has slightly improved again. At 96, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors has won one point, staying below its long term average (100). The business climate has improved in services and manufacturing industry, has been stable in retail trade and has deteriorated in building construction.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-02 | 95.6 |
| 2025-01 | 94.9 |
| 2024-12 | 94.5 |
| 2024-11 | 96.0 |
| 2024-10 | 97.5 |
| 2024-09 | 98.0 |
| 2024-08 | 96.7 |
| 2024-07 | 93.9 |
| 2024-06 | 99.2 |
| 2024-05 | 99.6 |
| 2024-04 | 99.3 |
| 2024-03 | 100.0 |
| 2024-02 | 98.6 |
| 2024-01 | 98.9 |
| 2023-12 | 98.4 |
| 2023-11 | 97.9 |
| 2023-10 | 98.9 |
| 2023-09 | 100.3 |
| 2023-08 | 100.0 |
| 2023-07 | 100.2 |
| 2023-06 | 100.5 |
| 2023-05 | 100.4 |
| 2023-04 | 102.7 |
| 2023-03 | 102.9 |
| 2023-02 | 103.2 |
| 2023-01 | 102.2 |
| 2022-12 | 102.6 |
| 2022-11 | 102.4 |
| 2022-10 | 102.7 |
| 2022-09 | 102.6 |
| 2022-08 | 104.0 |
| 2022-07 | 103.5 |
| 2022-06 | 104.8 |
| 2022-05 | 106.4 |
| 2022-04 | 106.5 |
| 2022-03 | 107.2 |
| 2022-02 | 113.3 |
| 2022-01 | 108.2 |
| 2021-12 | 109.6 |
| 2021-11 | 114.1 |
| 2021-10 | 113.5 |
| 2021-09 | 111.7 |
| 2021-08 | 110.7 |
| 2021-07 | 113.1 |
| 2021-06 | 114.7 |
| 2021-05 | 110.1 |
| 2021-04 | 96.2 |
| 2021-03 | 97.7 |
| 2021-02 | 90.9 |
| 2021-01 | 93.7 |
| 2020-12 | 92.4 |
| 2020-11 | 77.8 |
| 2020-10 | 90.2 |
| 2020-09 | 93.8 |
| 2020-08 | 94.2 |
| 2020-07 | 91.0 |
| 2020-06 | 84.6 |
| 2020-05 | 59.5 |
| 2020-04 | 47.0 |
| 2020-03 | 93.9 |
| 2020-02 | 105.9 |
| 2020-01 | 106.2 |
| 2019-12 | 106.1 |
| 2019-11 | 106.4 |
| 2019-10 | 106.5 |
| 2019-09 | 106.9 |
| 2019-08 | 105.9 |
| 2019-07 | 106.0 |
| 2019-06 | 106.6 |
| 2019-05 | 106.7 |
| 2019-04 | 106.7 |
| 2019-03 | 106.0 |
| 2019-02 | 104.7 |
| 2019-01 | 104.2 |
| 2018-12 | 103.6 |
| 2018-11 | 106.6 |
| 2018-10 | 106.4 |
| 2018-09 | 107.6 |
| 2018-08 | 108.0 |
| 2018-07 | 108.6 |
| 2018-06 | 109.1 |
| 2018-05 | 109.4 |
| 2018-04 | 110.9 |
| 2018-03 | 111.6 |
| 2018-02 | 111.8 |
| 2018-01 | 112.8 |
| 2017-12 | 113.3 |
| 2017-11 | 111.8 |
| 2017-10 | 110.9 |
| 2017-09 | 111.1 |
| 2017-08 | 110.8 |
| 2017-07 | 109.8 |
| 2017-06 | 108.9 |
| 2017-05 | 107.6 |
| 2017-04 | 107.0 |
| 2017-03 | 106.6 |
| 2017-02 | 106.9 |
| 2017-01 | 106.2 |
| 2016-12 | 106.1 |
| 2016-11 | 103.7 |
| 2016-10 | 103.8 |
| 2016-09 | 103.6 |
| 2016-08 | 103.5 |
| 2016-07 | 103.9 |
| 2016-06 | 103.0 |
| 2016-05 | 104.3 |
| 2016-04 | 102.4 |
| 2016-03 | 103.0 |
| 2016-02 | 103.0 |
| 2016-01 | 104.0 |
| 2015-12 | 101.6 |
| 2015-11 | 102.9 |
| 2015-10 | 103.0 |
| 2015-09 | 102.1 |
| 2015-08 | 102.8 |
| 2015-07 | 101.1 |
| 2015-06 | 100.7 |
| 2015-05 | 99.4 |
| 2015-04 | 98.3 |
| 2015-03 | 96.9 |
| 2015-02 | 95.8 |
| 2015-01 | 94.7 |
| 2014-12 | 93.9 |
| 2014-11 | 93.8 |
| 2014-10 | 91.9 |
| 2014-09 | 91.9 |
| 2014-08 | 92.9 |
| 2014-07 | 94.4 |
| 2014-06 | 95.0 |
| 2014-05 | 95.6 |
| 2014-04 | 96.1 |
| 2014-03 | 96.2 |
| 2014-02 | 95.0 |
| 2014-01 | 95.5 |
| 2013-12 | 94.2 |
| 2013-11 | 94.7 |
| 2013-10 | 95.3 |
| 2013-09 | 95.5 |
| 2013-08 | 91.8 |
| 2013-07 | 88.5 |
| 2013-06 | 86.7 |
| 2013-05 | 85.5 |
| 2013-04 | 84.5 |
| 2013-03 | 85.9 |
| 2013-02 | 88.0 |
| 2013-01 | 87.9 |
| 2012-12 | 88.4 |
| 2012-11 | 87.7 |
| 2012-10 | 86.4 |
| 2012-09 | 88.1 |
| 2012-08 | 89.6 |
| 2012-07 | 90.7 |
| 2012-06 | 91.8 |
| 2012-05 | 92.9 |
| 2012-04 | 97.1 |
| 2012-03 | 95.5 |
| 2012-02 | 93.0 |
| 2012-01 | 93.1 |
| 2011-12 | 94.6 |
| 2011-11 | 95.5 |
| 2011-10 | 97.6 |
| 2011-09 | 98.7 |
| 2011-08 | 101.5 |
| 2011-07 | 106.4 |
| 2011-06 | 107.7 |
| 2011-05 | 108.1 |
| 2011-04 | 108.7 |
| 2011-03 | 109.6 |
| 2011-02 | 109.0 |
| 2011-01 | 107.8 |
| 2010-12 | 106.9 |
| 2010-11 | 105.3 |
| 2010-10 | 104.5 |
| 2010-09 | 102.7 |
| 2010-08 | 100.6 |
| 2010-07 | 98.5 |
| 2010-06 | 96.6 |
| 2010-05 | 97.2 |
| 2010-04 | 95.9 |
| 2010-03 | 92.2 |
| 2010-02 | 92.8 |
| 2010-01 | 92.2 |
| 2009-12 | 90.6 |
| 2009-11 | 90.4 |
| 2009-10 | 88.6 |
| 2009-09 | 85.8 |
| 2009-08 | 82.9 |
| 2009-07 | 79.8 |
| 2009-06 | 77.7 |
| 2009-05 | 74.2 |
| 2009-04 | 71.3 |
| 2009-03 | 69.4 |
| 2009-02 | 73.4 |
| 2009-01 | 75.0 |
| 2008-12 | 76.7 |
| 2008-11 | 79.5 |
| 2008-10 | 83.4 |
| 2008-09 | 92.6 |
| 2008-08 | 94.9 |
| 2008-07 | 96.5 |
| 2008-06 | 100.1 |
| 2008-05 | 103.3 |
| 2008-04 | 106.0 |
| 2008-03 | 108.2 |
| 2008-02 | 108.3 |
| 2008-01 | 109.5 |
| 2007-12 | 110.1 |
| 2007-11 | 110.4 |
| 2007-10 | 109.9 |
| 2007-09 | 111.2 |
| 2007-08 | 111.9 |
| 2007-07 | 112.8 |
| 2007-06 | 113.7 |
| 2007-05 | 112.6 |
| 2007-04 | 112.4 |
| 2007-03 | 111.8 |
| 2007-02 | 111.5 |
| 2007-01 | 109.7 |
| 2006-12 | 109.6 |
| 2006-11 | 111.1 |
| 2006-10 | 109.5 |
| 2006-09 | 109.4 |
| 2006-08 | 108.8 |
| 2006-07 | 108.3 |
| 2006-06 | 106.3 |
| 2006-05 | 106.6 |
| 2006-04 | 104.7 |
| 2006-03 | 104.3 |
| 2006-02 | 103.8 |
| 2006-01 | 106.2 |
| 2005-12 | 104.8 |
| 2005-11 | 103.1 |
| 2005-10 | 103.7 |
| 2005-09 | 100.8 |
| 2005-08 | 101.5 |
| 2005-07 | 101.6 |
| 2005-06 | 101.9 |
| 2005-05 | 101.0 |
| 2005-04 | 103.5 |
| 2005-03 | 104.4 |
| 2005-02 | 104.3 |
| 2005-01 | 104.0 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In February 2025, the business climate in services has brightened. At 98 the indicator that synthetizes it stands nevertheless below its long term average (100) for the fourth month in a row. This increase is mainly the result of the rebound in the balances of opinion on past activity and expected demand.
In manufacturing industry, the business climate has slightly rebounded. At 97, the synthetic indicator has slightly increased and has moved closer to its long-term average (100). The balance of opinion on personal production prospects has risen again and those on order books have rebounded.
In retail trade (including trade and repair of vehicles), the business climate has maintained for the second month in a row. Behind this stability, the main balance variations concern the one on the ordering intentions, which has rebounded, and the one on and the past sales which has retreated.
Lastly, in building construction, the business climate has darkened. At 98, the synthetic indicator lies below its long term average (100). This fallback is driven by the deterioration of the balances on workforce size and expected activity.
tableauBusiness and employment climates
| Oct. 24 | Nov. 24 | Dec. 24 | Jan. 25 | Feb. 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 97 | 96 | 94 | 95 | 96 |
| Manufacturing industry | 93 | 97 | 97 | 96 | 97 |
| Building construction | 100 | 99 | 98 | 99 | 98 |
| Services | 101 | 98 | 96 | 96 | 98 |
| Retail trade* | 99 | 98 | 97 | 97 | 97 |
| Wholesale trade | 93 | 91 | |||
| Employment | 97 | 98 | 97 | 98 | 94 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has felt back sharply
In February 2025, the employment climate indicator has felt back sharply, loosing four points. At 94, it is below its long-term average (100) for the ninth consecutive month and has reached its lowest level since March 2015 (excluding the Covid period). This degradation is mainly due to the decrease in the balance of opinion regarding the future workforce size in services (excluding temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-02 | 94.0 |
| 2025-01 | 97.8 |
| 2024-12 | 96.5 |
| 2024-11 | 98.3 |
| 2024-10 | 97.0 |
| 2024-09 | 99.4 |
| 2024-08 | 97.6 |
| 2024-07 | 95.8 |
| 2024-06 | 99.6 |
| 2024-05 | 102.2 |
| 2024-04 | 100.8 |
| 2024-03 | 100.3 |
| 2024-02 | 101.8 |
| 2024-01 | 99.4 |
| 2023-12 | 100.7 |
| 2023-11 | 99.8 |
| 2023-10 | 102.2 |
| 2023-09 | 104.7 |
| 2023-08 | 101.4 |
| 2023-07 | 105.4 |
| 2023-06 | 106.2 |
| 2023-05 | 106.7 |
| 2023-04 | 109.1 |
| 2023-03 | 109.3 |
| 2023-02 | 110.0 |
| 2023-01 | 112.5 |
| 2022-12 | 110.6 |
| 2022-11 | 108.5 |
| 2022-10 | 107.8 |
| 2022-09 | 109.1 |
| 2022-08 | 108.1 |
| 2022-07 | 110.5 |
| 2022-06 | 108.2 |
| 2022-05 | 110.3 |
| 2022-04 | 111.2 |
| 2022-03 | 112.8 |
| 2022-02 | 113.9 |
| 2022-01 | 110.6 |
| 2021-12 | 108.8 |
| 2021-11 | 113.4 |
| 2021-10 | 110.4 |
| 2021-09 | 107.5 |
| 2021-08 | 109.0 |
| 2021-07 | 108.6 |
| 2021-06 | 107.2 |
| 2021-05 | 101.1 |
| 2021-04 | 91.2 |
| 2021-03 | 90.5 |
| 2021-02 | 84.0 |
| 2021-01 | 86.4 |
| 2020-12 | 83.7 |
| 2020-11 | 80.6 |
| 2020-10 | 87.9 |
| 2020-09 | 92.8 |
| 2020-08 | 89.2 |
| 2020-07 | 79.3 |
| 2020-06 | 69.8 |
| 2020-05 | 49.7 |
| 2020-04 | 41.0 |
| 2020-03 | 96.9 |
| 2020-02 | 106.0 |
| 2020-01 | 106.0 |
| 2019-12 | 107.4 |
| 2019-11 | 108.0 |
| 2019-10 | 106.5 |
| 2019-09 | 107.9 |
| 2019-08 | 107.6 |
| 2019-07 | 107.2 |
| 2019-06 | 107.9 |
| 2019-05 | 105.3 |
| 2019-04 | 107.0 |
| 2019-03 | 107.7 |
| 2019-02 | 107.3 |
| 2019-01 | 106.6 |
| 2018-12 | 104.5 |
| 2018-11 | 105.0 |
| 2018-10 | 106.7 |
| 2018-09 | 107.5 |
| 2018-08 | 108.0 |
| 2018-07 | 108.2 |
| 2018-06 | 109.6 |
| 2018-05 | 109.5 |
| 2018-04 | 108.7 |
| 2018-03 | 109.4 |
| 2018-02 | 109.4 |
| 2018-01 | 109.2 |
| 2017-12 | 108.3 |
| 2017-11 | 107.0 |
| 2017-10 | 107.8 |
| 2017-09 | 106.8 |
| 2017-08 | 105.0 |
| 2017-07 | 106.9 |
| 2017-06 | 107.4 |
| 2017-05 | 107.0 |
| 2017-04 | 106.5 |
| 2017-03 | 107.0 |
| 2017-02 | 104.6 |
| 2017-01 | 105.5 |
| 2016-12 | 106.2 |
| 2016-11 | 105.3 |
| 2016-10 | 104.7 |
| 2016-09 | 105.0 |
| 2016-08 | 102.3 |
| 2016-07 | 104.6 |
| 2016-06 | 100.9 |
| 2016-05 | 101.4 |
| 2016-04 | 99.4 |
| 2016-03 | 99.1 |
| 2016-02 | 100.3 |
| 2016-01 | 101.1 |
| 2015-12 | 100.4 |
| 2015-11 | 101.2 |
| 2015-10 | 99.4 |
| 2015-09 | 99.5 |
| 2015-08 | 100.0 |
| 2015-07 | 99.0 |
| 2015-06 | 98.7 |
| 2015-05 | 96.6 |
| 2015-04 | 96.5 |
| 2015-03 | 94.5 |
| 2015-02 | 95.0 |
| 2015-01 | 93.0 |
| 2014-12 | 94.0 |
| 2014-11 | 93.5 |
| 2014-10 | 93.5 |
| 2014-09 | 93.6 |
| 2014-08 | 93.4 |
| 2014-07 | 94.5 |
| 2014-06 | 94.6 |
| 2014-05 | 96.1 |
| 2014-04 | 96.8 |
| 2014-03 | 95.0 |
| 2014-02 | 93.5 |
| 2014-01 | 94.0 |
| 2013-12 | 93.6 |
| 2013-11 | 92.7 |
| 2013-10 | 93.6 |
| 2013-09 | 91.0 |
| 2013-08 | 90.4 |
| 2013-07 | 89.5 |
| 2013-06 | 88.5 |
| 2013-05 | 85.0 |
| 2013-04 | 86.4 |
| 2013-03 | 88.2 |
| 2013-02 | 88.9 |
| 2013-01 | 91.7 |
| 2012-12 | 89.3 |
| 2012-11 | 89.6 |
| 2012-10 | 91.3 |
| 2012-09 | 91.4 |
| 2012-08 | 93.0 |
| 2012-07 | 92.1 |
| 2012-06 | 93.4 |
| 2012-05 | 94.4 |
| 2012-04 | 97.6 |
| 2012-03 | 98.2 |
| 2012-02 | 97.2 |
| 2012-01 | 97.5 |
| 2011-12 | 98.3 |
| 2011-11 | 100.3 |
| 2011-10 | 99.4 |
| 2011-09 | 103.5 |
| 2011-08 | 105.0 |
| 2011-07 | 109.5 |
| 2011-06 | 110.8 |
| 2011-05 | 111.0 |
| 2011-04 | 108.7 |
| 2011-03 | 108.8 |
| 2011-02 | 110.3 |
| 2011-01 | 102.6 |
| 2010-12 | 105.4 |
| 2010-11 | 104.0 |
| 2010-10 | 102.7 |
| 2010-09 | 99.7 |
| 2010-08 | 98.2 |
| 2010-07 | 97.5 |
| 2010-06 | 97.5 |
| 2010-05 | 96.5 |
| 2010-04 | 95.1 |
| 2010-03 | 93.1 |
| 2010-02 | 90.7 |
| 2010-01 | 90.1 |
| 2009-12 | 88.6 |
| 2009-11 | 86.8 |
| 2009-10 | 84.5 |
| 2009-09 | 83.0 |
| 2009-08 | 84.3 |
| 2009-07 | 79.3 |
| 2009-06 | 75.3 |
| 2009-05 | 74.3 |
| 2009-04 | 74.8 |
| 2009-03 | 74.6 |
| 2009-02 | 79.1 |
| 2009-01 | 81.0 |
| 2008-12 | 84.2 |
| 2008-11 | 88.5 |
| 2008-10 | 95.7 |
| 2008-09 | 100.1 |
| 2008-08 | 101.2 |
| 2008-07 | 106.7 |
| 2008-06 | 104.5 |
| 2008-05 | 108.6 |
| 2008-04 | 112.8 |
| 2008-03 | 112.7 |
| 2008-02 | 114.2 |
| 2008-01 | 114.5 |
| 2007-12 | 114.5 |
| 2007-11 | 113.7 |
| 2007-10 | 112.3 |
| 2007-09 | 114.0 |
| 2007-08 | 113.4 |
| 2007-07 | 111.6 |
| 2007-06 | 113.4 |
| 2007-05 | 114.5 |
| 2007-04 | 111.8 |
| 2007-03 | 111.4 |
| 2007-02 | 112.1 |
| 2007-01 | 109.7 |
| 2006-12 | 111.9 |
| 2006-11 | 111.1 |
| 2006-10 | 109.8 |
| 2006-09 | 108.6 |
| 2006-08 | 109.9 |
| 2006-07 | 110.5 |
| 2006-06 | 111.3 |
| 2006-05 | 108.8 |
| 2006-04 | 108.2 |
| 2006-03 | 105.8 |
| 2006-02 | 105.0 |
| 2006-01 | 105.0 |
| 2005-12 | 103.4 |
| 2005-11 | 104.0 |
| 2005-10 | 104.0 |
| 2005-09 | 104.1 |
| 2005-08 | 103.9 |
| 2005-07 | 103.5 |
| 2005-06 | 103.0 |
| 2005-05 | 103.9 |
| 2005-04 | 103.4 |
| 2005-03 | 105.8 |
| 2005-02 | 103.2 |
| 2005-01 | 103.3 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The business climate for January 2025 in manufacturing industry has been revised upwards by one point (after rounding), as has the business climate in building construction. These revisions are mainly due to the inclusion of late responses from companies. The other synthetic indicators of climate have not been revised (after rounding).
For further information
The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from the 30 balances of opinion used in the build of the sectoral climates according to a dynamic approach in order to include the bimonthly indicators of wholesale trade.
The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction. The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 27 January and 18 February 2025; most companies answer during the first two weeks of collection.
Next issue: 21 march 2025 at 08:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Methodology note (in French) (pdf,245 Ko)
Pour en savoir plus
The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from the 30 balances of opinion used in the build of the sectoral climates according to a dynamic approach in order to include the bimonthly indicators of wholesale trade.
The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction. The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 27 January and 18 February 2025; most companies answer during the first two weeks of collection.
Next issue: 21 march 2025 at 08:45 am.