Informations Rapides ·
21 March 2025 · n° 67
In March 2025, the business climate has slightly improved and the employment climate
has rebounded Business indicator - March 2025
In March 2025, the business climate in France has slightly improved for the third month in a row. At 97, 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 retail and wholesale trade, has been stable in services and building construction and has slightly retreated in manufacturing industry.
In March 2025, the business climate indicator has won one point
In March 2025, the business climate in France has slightly improved for the third month in a row. At 97, 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 retail and wholesale trade, has been stable in services and building construction and has slightly retreated in manufacturing industry.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-03 | 96.7 |
| 2025-02 | 95.7 |
| 2025-01 | 95.1 |
| 2024-12 | 94.5 |
| 2024-11 | 96.0 |
| 2024-10 | 97.5 |
| 2024-09 | 98.0 |
| 2024-08 | 96.8 |
| 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 | 106.3 |
| 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 | 111.7 |
| 2018-02 | 111.9 |
| 2018-01 | 112.8 |
| 2017-12 | 113.3 |
| 2017-11 | 111.8 |
| 2017-10 | 111.0 |
| 2017-09 | 111.1 |
| 2017-08 | 110.9 |
| 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 | 106.3 |
| 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 | 104.4 |
| 2016-04 | 102.4 |
| 2016-03 | 103.0 |
| 2016-02 | 103.0 |
| 2016-01 | 104.1 |
| 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 | 95.4 |
| 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 | 97.2 |
| 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 | 108.8 |
| 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 | 98.6 |
| 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 | 79.7 |
| 2009-06 | 77.7 |
| 2009-05 | 74.2 |
| 2009-04 | 71.3 |
| 2009-03 | 69.4 |
| 2009-02 | 73.4 |
| 2009-01 | 74.9 |
| 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 | 106.1 |
| 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 | 111.9 |
| 2007-02 | 111.5 |
| 2007-01 | 109.7 |
| 2006-12 | 109.7 |
| 2006-11 | 111.2 |
| 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 March 2025, the business climate has brightened in retail trade (including trade and repair of vehicles). At 100 the indicator that synthetizes it has gained three points and has reached its long term average thanks to the increase in the balances related to the general business outlook and the ordering intentions.
In wholesale trade, the bimonthly business climate has also brightened. At 95, the indicator that synthetizes it has gained two points since January but remains below its long term average (100). This increase reflects, in particular, the rise in the balances of opinion on the ordering intentions and on the merchandise received from abroad.
In services, the business climate remains stable. At 98, the indicator that synthetizes it stands below its long term average (100) for the fifth month in a row. The balance on past activity has deteriorated, whereas the one on general business outlook has improved.
In building construction, the business climate is also stable. At 98, the indicator that synthetizes it remains below its long-term average (100). Business managers are more pessimistic than in February about their activity prospects, while their opinion on the evolution of the future workforce size has improved slightly.
Lastly, the business climate has slightly retreated in manufacturing industry. At 96, the synthetic indicator lies below its long term average (100). This decrease in the climate is mainly driven by the fall back in the balances of opinion on order books.
tableauBusiness and employment climates
| Nov. 24 | Dec. 24 | Jan. 25 | Feb. 25 | Mar. 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 96 | 94 | 95 | 96 | 97 |
| Manufacturing industry | 97 | 97 | 96 | 97 | 96 |
| Building construction | 99 | 98 | 99 | 98 | 98 |
| Services | 98 | 96 | 96 | 98 | 98 |
| Retail trade* | 98 | 97 | 97 | 97 | 100 |
| Wholesale trade | 93 | 93 | 95 | ||
| Employment | 98 | 96 | 98 | 93 | 96 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has partially recovered
In March 2025, the employment climate indicator has rebounded, gaining three points. At 96, it however stands below its long-term average (100) for the tenth consecutive month. This improvement is due to the rebound in the balances on past and future workforce size in services (including temporary work agencies) and manufacturing industry.
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-03 | 96.1 |
| 2025-02 | 93.4 |
| 2025-01 | 97.7 |
| 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 | 100.9 |
| 2024-03 | 100.5 |
| 2024-02 | 101.8 |
| 2024-01 | 99.3 |
| 2023-12 | 100.6 |
| 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 | 109.5 |
| 2023-02 | 110.0 |
| 2023-01 | 112.5 |
| 2022-12 | 110.6 |
| 2022-11 | 108.5 |
| 2022-10 | 107.9 |
| 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 | 112.9 |
| 2022-02 | 113.9 |
| 2022-01 | 110.6 |
| 2021-12 | 108.8 |
| 2021-11 | 113.4 |
| 2021-10 | 110.5 |
| 2021-09 | 107.5 |
| 2021-08 | 109.1 |
| 2021-07 | 108.6 |
| 2021-06 | 107.3 |
| 2021-05 | 101.1 |
| 2021-04 | 91.2 |
| 2021-03 | 90.5 |
| 2021-02 | 84.1 |
| 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 | 97.0 |
| 2020-02 | 106.0 |
| 2020-01 | 106.0 |
| 2019-12 | 107.4 |
| 2019-11 | 108.1 |
| 2019-10 | 106.6 |
| 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 | 105.1 |
| 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 | 108.8 |
| 2018-03 | 109.4 |
| 2018-02 | 109.5 |
| 2018-01 | 109.2 |
| 2017-12 | 108.3 |
| 2017-11 | 107.0 |
| 2017-10 | 107.8 |
| 2017-09 | 106.8 |
| 2017-08 | 105.1 |
| 2017-07 | 106.9 |
| 2017-06 | 107.5 |
| 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 | 105.4 |
| 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 | 99.5 |
| 2016-03 | 99.1 |
| 2016-02 | 100.3 |
| 2016-01 | 101.2 |
| 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 | 92.8 |
| 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 | 97.7 |
| 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 | 110.9 |
| 2011-05 | 111.0 |
| 2011-04 | 108.7 |
| 2011-03 | 108.8 |
| 2011-02 | 110.4 |
| 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 | 112.9 |
| 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 | 113.5 |
| 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 | 108.7 |
| 2006-08 | 109.9 |
| 2006-07 | 110.5 |
| 2006-06 | 111.4 |
| 2006-05 | 108.8 |
| 2006-04 | 108.3 |
| 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 | 104.0 |
| 2005-07 | 103.5 |
| 2005-06 | 103.0 |
| 2005-05 | 103.9 |
| 2005-04 | 103.5 |
| 2005-03 | 105.8 |
| 2005-02 | 103.3 |
| 2005-01 | 103.3 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The business climate in wholesale trade for January 2025 has been revised upwards by two points (after rounding). The employment climate for February 2025 has been revised downwards by one point (after rounding). 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 business tendency 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 25 February and 18 March 2025; most companies answer during the first two weeks of collection.
Next issue: 25 April 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 business tendency 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 25 February and 18 March 2025; most companies answer during the first two weeks of collection.
Next issue: 25 April 2025 at 08:45 am.