Informations Rapides ·
20 June 2025 · n° 154
In June 2025, the business climate in services has slightly rebounded Monthly survey of services - June 2025
According to the business managers surveyed in June 2025, the business climate in services has barely brightened. At 96, the indicator that synthesizes it has won one point (after rounding) and has moved a little closer to its long-term average (100). This slight increase is mainly due to the rebound in the forward-looking balances of opinion on the demand and on the workforce size.
According to the business managers surveyed in June 2025, the business climate in services has barely brightened. At 96, the indicator that synthesizes it has won one point (after rounding) and has moved a little closer to its long-term average (100). This slight increase is mainly due to the rebound in the forward-looking balances of opinion on the demand and on the workforce size.
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-06 | 95.6 |
| 2025-05 | 95.0 |
| 2025-04 | 98.2 |
| 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 | 101.5 |
| 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 | 105.1 |
| 2022-09 | 105.7 |
| 2022-08 | 106.7 |
| 2022-07 | 106.2 |
| 2022-06 | 107.5 |
| 2022-05 | 109.1 |
| 2022-04 | 108.5 |
| 2022-03 | 108.1 |
| 2022-02 | 112.2 |
| 2022-01 | 105.0 |
| 2021-12 | 107.5 |
| 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 | 48.8 |
| 2020-04 | 37.4 |
| 2020-03 | 91.7 |
| 2020-02 | 106.0 |
| 2020-01 | 106.1 |
| 2019-12 | 106.6 |
| 2019-11 | 106.0 |
| 2019-10 | 105.7 |
| 2019-09 | 106.1 |
| 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 | 104.8 |
| 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 | 107.9 |
| 2017-12 | 109.0 |
| 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 | 109.1 |
| 2011-03 | 110.6 |
| 2011-02 | 109.4 |
| 2011-01 | 107.4 |
| 2010-12 | 107.0 |
| 2010-11 | 105.0 |
| 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 | 72.8 |
| 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 | 108.7 |
| 2008-01 | 110.6 |
| 2007-12 | 109.2 |
| 2007-11 | 110.4 |
| 2007-10 | 110.3 |
| 2007-09 | 111.7 |
| 2007-08 | 112.5 |
| 2007-07 | 113.4 |
| 2007-06 | 113.0 |
| 2007-05 | 113.2 |
| 2007-04 | 113.3 |
| 2007-03 | 113.6 |
| 2007-02 | 112.7 |
| 2007-01 | 111.2 |
| 2006-12 | 111.5 |
| 2006-11 | 113.3 |
| 2006-10 | 111.0 |
| 2006-09 | 110.9 |
| 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 | 108.6 |
| 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 | 108.5 |
| 2005-02 | 106.6 |
| 2005-01 | 106.6 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
The balance of opinion on the expected demand has sharply rebounded
In June 2025, the business managers in services are more optimistic than in the previous month about the expected demand: the associated balance of opinion has sharply rebounded and has moved closer to its average level. They are also a little more optimistic about the general business outlook for their sector, for which the associated balance has slightly rebounded and has returned to its average. Conversely, the balances on the activity, past as expected, have diminished again and have moved away from their average.
The balance of opinion on the expected workforce size has rebounded and has reached its April level, but remains below its average. The one on the past workforce size is stable, below its own.
The balances related to the recent and expected change of the selling prices are virtually stable, at their respective average.
The balance on the economic uncertainty felt has slightly retreated.
tableauEconomic outlook in the services sector
| Average* | March 2025 | April 2025 | May 2025 | June 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 97 | 98 | 95 | 96 |
| General outlook | -7 | -6 | -7 | -8 | -7 |
| Past activity | 2 | -5 | 0 | -10 | -11 |
| Expected activity | 1 | -3 | -1 | -5 | -7 |
| Expected demand | 0 | -4 | -3 | -6 | -2 |
| Past selling prices | -3 | 1 | 3 | -2 | -3 |
| Expected selling prices | -2 | 0 | 2 | -2 | -2 |
| Past employment | 2 | -5 | -8 | -3 | -3 |
| Past employment except temporary work agencies | 0 | -4 | -5 | -4 | -1 |
| Expected employment | 2 | -8 | -6 | -12 | -6 |
| Expected employment except temporary work agencies | -1 | -4 | -3 | -8 | -4 |
| Economic uncertainty felt** | 12 | 13 | 10 | 12 | 11 |
- * 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.
In administrative and support services, the business climate has sharply improved but remains deteriorated
In June 2025, the business climate indicator in information-communication has lost one point and has moved away from its average, standing at its lowest level since January 2025. This further decrease is mainly due to the sharp deterioration in the balance on the expected activity, which has darkened for the third month in a row, and which has clearly moved away from its average.
In professional, scientific and technical activities, the business climate has rebounded and has moved closer to its long-term average. This increase results mainly from the sharp improvement in the balance on the expected workforce size, and the increase in the forward-looking balances on the demand, on the activity and on the general business outlook.
In administrative and support services, the business climate indicator has sharply improved but remains deteriorated. In particular, the forward-looking balances of opinion on the demand, the activity and the workforce size have sharply risen, but remain well below their long-term average.
The business climate indicator in real estate activities has deteriorated again, and has moved closer to its average. The balance on the expected demand has sharply diminished and those on activity, both past as expected, have decreased too.
In accommodation and food services, the business climate indicator has slightly brightened, but remains below its long-term average for the second month in a row. The balances on the expected demand, on the past activity and on the past workforce size have rebounded.
Finally, the business climate in road freight transport has improved again, moving further away from its average level, reaching its highest level since July 2022. The forward-looking balances on the workforce size and on the activity have risen.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | March 2025 | April 2025 | May 2025 | June 2025 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 98 | 98 | 101 | 103 |
| General outlook | -19 | -23 | -23 | -18 | -16 |
| Past activity | -6 | -16 | -13 | -7 | -11 |
| Expected activity | -7 | -10 | -8 | -2 | 1 |
| Expected demand | -9 | -12 | -17 | -5 | -3 |
| Past employment | -6 | -8 | -11 | -19 | -17 |
| Expected employment | -7 | -10 | -5 | -11 | -5 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 101 | 101 | 97 | 98 |
| General outlook | -13 | -2 | -4 | -5 | -8 |
| Past activity | -7 | 13 | 5 | -13 | -2 |
| Expected activity | -8 | -18 | -19 | -20 | -16 |
| Expected demand | -9 | -19 | -14 | -25 | -17 |
| Past employment | -5 | 2 | 5 | -6 | 5 |
| Expected employment | -5 | 0 | -5 | -17 | -16 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 98 | 100 | 96 | 95 |
| General outlook | 0 | -1 | -2 | -4 | -3 |
| Past activity | 8 | -15 | 11 | -14 | -15 |
| Expected activity | 9 | 18 | 13 | 6 | -5 |
| Expected demand | 10 | 13 | 13 | 8 | 9 |
| Past employment | 6 | -5 | -3 | 0 | 6 |
| Expected employment | 10 | 4 | 8 | 6 | 3 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 100 | 104 | 103 | 101 |
| General outlook | -4 | -1 | -1 | -1 | -1 |
| Past activity | 6 | 15 | 12 | 7 | 4 |
| Expected activity | 6 | 1 | 11 | 9 | 6 |
| Expected demand | 1 | 1 | 8 | 8 | 0 |
| Past employment | 2 | -3 | -3 | 3 | 2 |
| Expected employment | 3 | 4 | 6 | 1 | 1 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 99 | 97 | 96 | 98 |
| General outlook | -8 | -7 | -9 | -10 | -8 |
| Past activity | -1 | -7 | -10 | -8 | -11 |
| Expected activity | -3 | -5 | -7 | -9 | -6 |
| Expected demand | -5 | -7 | -9 | -11 | -9 |
| Past employment | 0 | 0 | -2 | -2 | -1 |
| Expected employment | 1 | 0 | -6 | -6 | 2 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 90 | 88 | 88 | 92 |
| General outlook | -3 | -10 | -10 | -8 | -9 |
| Past activity | 5 | -3 | -6 | -9 | -8 |
| Expected activity | 4 | -9 | -9 | -13 | -7 |
| Expected demand | 3 | -9 | -16 | -15 | -7 |
| Past employment | 6 | -14 | -21 | -2 | -7 |
| Expected employment | 6 | -22 | -12 | -22 | -12 |
- 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 May 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 26 May and 17 June 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: 24 July 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 26 May and 17 June 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: 24 July 2025 at 8:45 am.