Informations Rapides ·
22 May 2025 · n° 129
In May 2025, the business climate in services has clearly retreated Monthly survey of services - May 2025
According to the business managers surveyed in May 2025, the business climate in services has clearly retreated. At 95, the indicator that synthesizes it has lost three points, and remains below its long-term average (100) since November 2024.
According to the business managers surveyed in May 2025, the business climate in services has clearly retreated. At 95, the indicator that synthesizes it has lost three points, and remains below its long-term average (100) since November 2024.
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-05 | 95.2 |
| 2025-04 | 98.1 |
| 2025-03 | 97.2 |
| 2025-02 | 97.7 |
| 2025-01 | 96.1 |
| 2024-12 | 96.5 |
| 2024-11 | 98.4 |
| 2024-10 | 100.9 |
| 2024-09 | 99.3 |
| 2024-08 | 98.0 |
| 2024-07 | 95.1 |
| 2024-06 | 101.1 |
| 2024-05 | 102.5 |
| 2024-04 | 100.2 |
| 2024-03 | 101.8 |
| 2024-02 | 99.9 |
| 2024-01 | 101.2 |
| 2023-12 | 100.3 |
| 2023-11 | 100.1 |
| 2023-10 | 100.5 |
| 2023-09 | 101.4 |
| 2023-08 | 101.7 |
| 2023-07 | 101.6 |
| 2023-06 | 101.6 |
| 2023-05 | 101.5 |
| 2023-04 | 103.0 |
| 2023-03 | 103.6 |
| 2023-02 | 105.4 |
| 2023-01 | 104.1 |
| 2022-12 | 103.6 |
| 2022-11 | 103.9 |
| 2022-10 | 105.0 |
| 2022-09 | 105.7 |
| 2022-08 | 106.7 |
| 2022-07 | 106.2 |
| 2022-06 | 107.5 |
| 2022-05 | 109.1 |
| 2022-04 | 108.4 |
| 2022-03 | 108.0 |
| 2022-02 | 112.2 |
| 2022-01 | 105.0 |
| 2021-12 | 107.4 |
| 2021-11 | 114.2 |
| 2021-10 | 113.4 |
| 2021-09 | 110.6 |
| 2021-08 | 109.1 |
| 2021-07 | 111.3 |
| 2021-06 | 112.8 |
| 2021-05 | 107.0 |
| 2021-04 | 91.4 |
| 2021-03 | 93.2 |
| 2021-02 | 87.6 |
| 2021-01 | 90.8 |
| 2020-12 | 89.2 |
| 2020-11 | 75.4 |
| 2020-10 | 87.5 |
| 2020-09 | 93.7 |
| 2020-08 | 93.6 |
| 2020-07 | 88.6 |
| 2020-06 | 77.3 |
| 2020-05 | 48.9 |
| 2020-04 | 37.4 |
| 2020-03 | 91.7 |
| 2020-02 | 106.0 |
| 2020-01 | 106.1 |
| 2019-12 | 106.5 |
| 2019-11 | 106.0 |
| 2019-10 | 105.7 |
| 2019-09 | 106.0 |
| 2019-08 | 105.6 |
| 2019-07 | 105.1 |
| 2019-06 | 105.9 |
| 2019-05 | 105.6 |
| 2019-04 | 105.6 |
| 2019-03 | 104.5 |
| 2019-02 | 103.8 |
| 2019-01 | 103.6 |
| 2018-12 | 101.8 |
| 2018-11 | 103.6 |
| 2018-10 | 103.3 |
| 2018-09 | 104.7 |
| 2018-08 | 104.5 |
| 2018-07 | 104.7 |
| 2018-06 | 104.7 |
| 2018-05 | 104.4 |
| 2018-04 | 106.0 |
| 2018-03 | 106.9 |
| 2018-02 | 107.0 |
| 2018-01 | 107.8 |
| 2017-12 | 108.9 |
| 2017-11 | 107.3 |
| 2017-10 | 106.8 |
| 2017-09 | 106.9 |
| 2017-08 | 106.9 |
| 2017-07 | 104.2 |
| 2017-06 | 103.6 |
| 2017-05 | 102.9 |
| 2017-04 | 103.2 |
| 2017-03 | 103.2 |
| 2017-02 | 103.0 |
| 2017-01 | 101.8 |
| 2016-12 | 103.7 |
| 2016-11 | 101.0 |
| 2016-10 | 100.9 |
| 2016-09 | 100.8 |
| 2016-08 | 100.2 |
| 2016-07 | 100.4 |
| 2016-06 | 99.2 |
| 2016-05 | 100.8 |
| 2016-04 | 98.3 |
| 2016-03 | 99.6 |
| 2016-02 | 99.9 |
| 2016-01 | 100.3 |
| 2015-12 | 97.1 |
| 2015-11 | 99.3 |
| 2015-10 | 99.5 |
| 2015-09 | 97.6 |
| 2015-08 | 98.6 |
| 2015-07 | 97.4 |
| 2015-06 | 96.8 |
| 2015-05 | 95.4 |
| 2015-04 | 93.9 |
| 2015-03 | 92.3 |
| 2015-02 | 91.4 |
| 2015-01 | 91.1 |
| 2014-12 | 91.2 |
| 2014-11 | 91.1 |
| 2014-10 | 91.0 |
| 2014-09 | 90.9 |
| 2014-08 | 91.4 |
| 2014-07 | 92.4 |
| 2014-06 | 92.2 |
| 2014-05 | 92.2 |
| 2014-04 | 93.2 |
| 2014-03 | 93.1 |
| 2014-02 | 92.1 |
| 2014-01 | 92.2 |
| 2013-12 | 90.8 |
| 2013-11 | 92.3 |
| 2013-10 | 91.8 |
| 2013-09 | 92.3 |
| 2013-08 | 88.6 |
| 2013-07 | 86.5 |
| 2013-06 | 85.7 |
| 2013-05 | 84.4 |
| 2013-04 | 83.0 |
| 2013-03 | 83.9 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 87.0 |
| 2012-11 | 85.4 |
| 2012-10 | 85.9 |
| 2012-09 | 87.0 |
| 2012-08 | 87.3 |
| 2012-07 | 89.4 |
| 2012-06 | 90.0 |
| 2012-05 | 91.9 |
| 2012-04 | 95.6 |
| 2012-03 | 93.2 |
| 2012-02 | 91.8 |
| 2012-01 | 92.3 |
| 2011-12 | 94.4 |
| 2011-11 | 95.0 |
| 2011-10 | 97.2 |
| 2011-09 | 98.3 |
| 2011-08 | 100.6 |
| 2011-07 | 105.3 |
| 2011-06 | 107.3 |
| 2011-05 | 107.6 |
| 2011-04 | 109.0 |
| 2011-03 | 110.5 |
| 2011-02 | 109.4 |
| 2011-01 | 107.4 |
| 2010-12 | 107.0 |
| 2010-11 | 104.9 |
| 2010-10 | 103.0 |
| 2010-09 | 101.8 |
| 2010-08 | 100.8 |
| 2010-07 | 99.3 |
| 2010-06 | 98.4 |
| 2010-05 | 99.4 |
| 2010-04 | 97.8 |
| 2010-03 | 94.4 |
| 2010-02 | 94.3 |
| 2010-01 | 94.0 |
| 2009-12 | 92.6 |
| 2009-11 | 92.2 |
| 2009-10 | 90.6 |
| 2009-09 | 87.4 |
| 2009-08 | 84.0 |
| 2009-07 | 81.4 |
| 2009-06 | 77.5 |
| 2009-05 | 72.9 |
| 2009-04 | 68.5 |
| 2009-03 | 68.0 |
| 2009-02 | 73.2 |
| 2009-01 | 74.4 |
| 2008-12 | 77.1 |
| 2008-11 | 80.0 |
| 2008-10 | 84.0 |
| 2008-09 | 92.9 |
| 2008-08 | 94.9 |
| 2008-07 | 96.4 |
| 2008-06 | 100.9 |
| 2008-05 | 104.2 |
| 2008-04 | 106.8 |
| 2008-03 | 108.6 |
| 2008-02 | 108.6 |
| 2008-01 | 110.6 |
| 2007-12 | 109.2 |
| 2007-11 | 110.3 |
| 2007-10 | 110.2 |
| 2007-09 | 111.7 |
| 2007-08 | 112.5 |
| 2007-07 | 113.4 |
| 2007-06 | 112.9 |
| 2007-05 | 113.2 |
| 2007-04 | 113.3 |
| 2007-03 | 113.6 |
| 2007-02 | 112.7 |
| 2007-01 | 111.1 |
| 2006-12 | 111.5 |
| 2006-11 | 113.3 |
| 2006-10 | 110.9 |
| 2006-09 | 110.8 |
| 2006-08 | 110.7 |
| 2006-07 | 110.6 |
| 2006-06 | 109.3 |
| 2006-05 | 110.7 |
| 2006-04 | 107.9 |
| 2006-03 | 107.6 |
| 2006-02 | 106.4 |
| 2006-01 | 109.3 |
| 2005-12 | 107.2 |
| 2005-11 | 106.7 |
| 2005-10 | 108.5 |
| 2005-09 | 106.9 |
| 2005-08 | 107.3 |
| 2005-07 | 107.7 |
| 2005-06 | 108.4 |
| 2005-05 | 106.3 |
| 2005-04 | 108.2 |
| 2005-03 | 108.4 |
| 2005-02 | 106.5 |
| 2005-01 | 106.6 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
Business managers are more pessimistic than in the previous month about their personal business outlook
In May 2025, the business managers in services are more pessimistic than in the previous month about their expected activity and demand. The associated balances of opinion have retreated and have moved away from their respective average. The balance on the past activity has retreated very strongly and has clearly moved away from its average, whereas the one on the general business outlook for the sector is stable at its average.
The balance of opinion on the change in the past workforce size has sharply rebounded but remains below its average. The one on the expected workforce size has clearly retreated and has fallen to its lowest level since April 2013 (excluding health crisis).
The balances related to the selling prices change, past as expected, have retreated. The one on their past change has moved closer to its average, whereas the one on their expected change has reached its own.
The balance on the economic uncertainty felt has slightly rebounded and has reached its average.
tableauEconomic outlook in the services sector
| Average* | Feb. 2025 | March 2025 | April 2025 | May 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 98 | 97 | 98 | 95 |
| General outlook | -7 | -8 | -6 | -7 | -7 |
| Past activity | 2 | 3 | -5 | 0 | -10 |
| Expected activity | 1 | -2 | -3 | -2 | -5 |
| Expected demand | 0 | -3 | -4 | -3 | -5 |
| Past selling prices | -3 | -1 | 1 | 3 | -2 |
| Expected selling prices | -2 | -1 | 0 | 2 | -2 |
| Past employment | 2 | -11 | -5 | -8 | -2 |
| Past employment except temporary work agencies | 0 | -8 | -4 | -5 | -3 |
| Expected employment | 2 | -9 | -8 | -6 | -12 |
| Expected employment except temporary work agencies | -1 | -6 | -4 | -3 | -8 |
| Economic uncertainty felt** | 12 | 12 | 13 | 10 | 12 |
- * Average since 1989 for the composite indicator and since 1988 for the balances of opinion, except general outlook (June 2000) and uncertainty (April 2021).
- ** Balance of opinion not seasonally adjusted.
- Source: INSEE, monthly business survey in services.
The business climate has sharply deteriorated in information-communication and in accommodation and food services
In May 2025, the business climate indicator in information-communication has sharply retreated and has left its long-term average. The balances on the past activity and on the expected demand have clearly fallen back, and the one on the expected activity has sharply decreased again. All three have moved below their long-term average.
In professional, scientific and technical activities, the business climate has slightly darkened. In particular, the balances on the expected demand and on the general business outlook have slightly diminished.
In administrative and support services, the business climate is stable, well below its long-term average. The balance on the past workforce size has strongly rebounded, whereas the one on the expected workforce size has significantly retreated.
In real estate activities, the business climate is stable, above its long-term average. The balances of opinion on the expected workforce size and on the activity, past as expected, have decreased. Conversely, the one on the past workforce size has increased.
In accommodation and food services, the business climate has sharply darkened and has moved below its average. The balances on the expected workforce size, on the expected demand and on the past activity have strongly diminished, and stand all below their average.
Finally, the business climate in road freight transport has brightened and has moved above its average level, for the first time since May 2024. The balances of opinion on the expected demand and on the activity, past and expected, have increased.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Feb. 2025 | March 2025 | April 2025 | May 2025 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 97 | 98 | 98 | 101 |
| General outlook | -19 | -15 | -23 | -23 | -17 |
| Past activity | -6 | -16 | -16 | -14 | -7 |
| Expected activity | -7 | -11 | -10 | -8 | -1 |
| Expected demand | -10 | -17 | -12 | -17 | -5 |
| Past employment | -6 | -16 | -8 | -11 | -18 |
| Expected employment | -7 | -12 | -10 | -5 | -10 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 99 | 101 | 101 | 97 |
| General outlook | -13 | -15 | -2 | -4 | -4 |
| Past activity | -7 | 10 | 13 | 6 | -13 |
| Expected activity | -8 | -17 | -18 | -20 | -19 |
| Expected demand | -9 | -7 | -19 | -15 | -25 |
| Past employment | -5 | -1 | 2 | 5 | -5 |
| Expected employment | -5 | -1 | 0 | -5 | -15 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 96 | 98 | 100 | 96 |
| General outlook | 0 | -4 | -1 | -2 | -4 |
| Past activity | 8 | 17 | -15 | 11 | -15 |
| Expected activity | 9 | 3 | 18 | 12 | 6 |
| Expected demand | 10 | 9 | 13 | 13 | 8 |
| Past employment | 6 | -9 | -5 | -3 | 0 |
| Expected employment | 10 | 0 | 4 | 8 | 5 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 100 | 100 | 104 | 104 |
| General outlook | -4 | -3 | -1 | -1 | 0 |
| Past activity | 6 | 10 | 15 | 12 | 6 |
| Expected activity | 6 | 5 | 1 | 11 | 9 |
| Expected demand | 1 | 4 | 1 | 8 | 9 |
| Past employment | 2 | -5 | -3 | -3 | 3 |
| Expected employment | 3 | 9 | 4 | 6 | 1 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 100 | 99 | 97 | 96 |
| General outlook | -8 | -8 | -7 | -9 | -10 |
| Past activity | -1 | -7 | -7 | -9 | -7 |
| Expected activity | -3 | -2 | -5 | -8 | -8 |
| Expected demand | -5 | -4 | -7 | -10 | -11 |
| Past employment | 0 | -7 | 0 | -2 | -2 |
| Expected employment | 1 | 0 | 0 | -6 | -6 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 89 | 90 | 88 | 88 |
| General outlook | -3 | -10 | -10 | -10 | -8 |
| Past activity | 5 | -5 | -3 | -6 | -10 |
| Expected activity | 4 | -8 | -9 | -9 | -14 |
| Expected demand | 3 | -13 | -9 | -16 | -15 |
| Past employment | 6 | -19 | -14 | -21 | -2 |
| Expected employment | 6 | -20 | -22 | -12 | -22 |
- The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion. The “other services” sub-sector is not displayed due to its low weight.
- *Composite indicator: average since 1989 (2006 for road transport); balances of opinion: average since 1988, except general outlook since June 2000 (2006 for road transport).
- Source: INSEE, monthly business survey in services.
Revision
The business climate indicator in services of April 2025 has not been revised (after rounding).
For further information
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 28 April and 19 May 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 20 June 2025 at 8:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Abbreviated methodology (in French) (pdf,193 Ko)
Pour en savoir plus
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 28 April and 19 May 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 20 June 2025 at 8:45 am.