Informations Rapides ·
20 June 2025 · n° 150
In June 2025, the business climate is stable and the employment climate has rebounded Business indicator - June 2025
In June 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, is stable at 96 (after rounding), whereas the one of employment indicator has gained three points and has reached its April level.
In June 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, is stable at 96 (after rounding), whereas the one of employment indicator has gained three points and has reached its April level.
In June 2025, the business climate indicator is stable
In June 2025, the indicator that synthesises the business climate in France stands at 96, below its long term average (100) for more than one year. The business climate has slightly diminished in manufacturing industry and building construction and has slightly increased in services and retail trade.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-06 | 96.1 |
| 2025-05 | 95.6 |
| 2025-04 | 96.6 |
| 2025-03 | 96.6 |
| 2025-02 | 95.7 |
| 2025-01 | 95.1 |
| 2024-12 | 94.5 |
| 2024-11 | 96.1 |
| 2024-10 | 97.5 |
| 2024-09 | 98.0 |
| 2024-08 | 96.8 |
| 2024-07 | 93.9 |
| 2024-06 | 99.2 |
| 2024-05 | 99.7 |
| 2024-04 | 99.3 |
| 2024-03 | 100.1 |
| 2024-02 | 98.6 |
| 2024-01 | 99.0 |
| 2023-12 | 98.4 |
| 2023-11 | 98.0 |
| 2023-10 | 98.9 |
| 2023-09 | 100.4 |
| 2023-08 | 100.1 |
| 2023-07 | 100.2 |
| 2023-06 | 100.6 |
| 2023-05 | 100.4 |
| 2023-04 | 102.7 |
| 2023-03 | 103.0 |
| 2023-02 | 103.2 |
| 2023-01 | 102.2 |
| 2022-12 | 102.6 |
| 2022-11 | 102.4 |
| 2022-10 | 102.8 |
| 2022-09 | 102.6 |
| 2022-08 | 104.0 |
| 2022-07 | 103.5 |
| 2022-06 | 104.8 |
| 2022-05 | 106.4 |
| 2022-04 | 106.6 |
| 2022-03 | 107.2 |
| 2022-02 | 113.3 |
| 2022-01 | 108.2 |
| 2021-12 | 109.7 |
| 2021-11 | 114.2 |
| 2021-10 | 113.6 |
| 2021-09 | 111.7 |
| 2021-08 | 110.7 |
| 2021-07 | 113.2 |
| 2021-06 | 114.8 |
| 2021-05 | 110.2 |
| 2021-04 | 96.2 |
| 2021-03 | 97.8 |
| 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 | 59.4 |
| 2020-04 | 46.9 |
| 2020-03 | 93.9 |
| 2020-02 | 105.9 |
| 2020-01 | 106.3 |
| 2019-12 | 106.2 |
| 2019-11 | 106.4 |
| 2019-10 | 106.5 |
| 2019-09 | 107.0 |
| 2019-08 | 106.0 |
| 2019-07 | 106.0 |
| 2019-06 | 106.7 |
| 2019-05 | 106.8 |
| 2019-04 | 106.8 |
| 2019-03 | 106.0 |
| 2019-02 | 104.7 |
| 2019-01 | 104.2 |
| 2018-12 | 103.6 |
| 2018-11 | 106.6 |
| 2018-10 | 106.5 |
| 2018-09 | 107.7 |
| 2018-08 | 108.0 |
| 2018-07 | 108.6 |
| 2018-06 | 109.2 |
| 2018-05 | 109.4 |
| 2018-04 | 111.0 |
| 2018-03 | 111.7 |
| 2018-02 | 111.9 |
| 2018-01 | 112.9 |
| 2017-12 | 113.4 |
| 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 | 106.7 |
| 2017-02 | 107.0 |
| 2017-01 | 106.3 |
| 2016-12 | 106.1 |
| 2016-11 | 103.8 |
| 2016-10 | 103.8 |
| 2016-09 | 103.6 |
| 2016-08 | 103.5 |
| 2016-07 | 103.9 |
| 2016-06 | 103.1 |
| 2016-05 | 104.4 |
| 2016-04 | 102.5 |
| 2016-03 | 103.0 |
| 2016-02 | 103.1 |
| 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 | 97.0 |
| 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 | 95.7 |
| 2014-04 | 96.2 |
| 2014-03 | 96.2 |
| 2014-02 | 95.1 |
| 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 | 84.4 |
| 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 | 107.8 |
| 2011-05 | 108.1 |
| 2011-04 | 108.8 |
| 2011-03 | 109.6 |
| 2011-02 | 109.1 |
| 2011-01 | 107.9 |
| 2010-12 | 107.0 |
| 2010-11 | 105.3 |
| 2010-10 | 104.5 |
| 2010-09 | 102.7 |
| 2010-08 | 100.7 |
| 2010-07 | 98.6 |
| 2010-06 | 96.6 |
| 2010-05 | 97.2 |
| 2010-04 | 96.0 |
| 2010-03 | 92.2 |
| 2010-02 | 92.8 |
| 2010-01 | 92.3 |
| 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 | 77.6 |
| 2009-05 | 74.2 |
| 2009-04 | 71.2 |
| 2009-03 | 69.4 |
| 2009-02 | 73.3 |
| 2009-01 | 74.9 |
| 2008-12 | 76.6 |
| 2008-11 | 79.5 |
| 2008-10 | 83.3 |
| 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 | 109.6 |
| 2007-12 | 110.2 |
| 2007-11 | 110.5 |
| 2007-10 | 110.0 |
| 2007-09 | 111.3 |
| 2007-08 | 111.9 |
| 2007-07 | 112.9 |
| 2007-06 | 113.7 |
| 2007-05 | 112.7 |
| 2007-04 | 112.5 |
| 2007-03 | 111.9 |
| 2007-02 | 111.5 |
| 2007-01 | 109.8 |
| 2006-12 | 109.7 |
| 2006-11 | 111.2 |
| 2006-10 | 109.6 |
| 2006-09 | 109.5 |
| 2006-08 | 108.9 |
| 2006-07 | 108.3 |
| 2006-06 | 106.3 |
| 2006-05 | 106.7 |
| 2006-04 | 104.8 |
| 2006-03 | 104.3 |
| 2006-02 | 103.9 |
| 2006-01 | 106.2 |
| 2005-12 | 104.8 |
| 2005-11 | 103.2 |
| 2005-10 | 103.7 |
| 2005-09 | 100.8 |
| 2005-08 | 101.5 |
| 2005-07 | 101.7 |
| 2005-06 | 101.9 |
| 2005-05 | 101.0 |
| 2005-04 | 103.6 |
| 2005-03 | 104.5 |
| 2005-02 | 104.3 |
| 2005-01 | 104.0 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In June 2025, the business climate has decreased again in manufacturing industry. At 96, the synthetic indicator has lost one point and has moved away from its long term average (100). This decrease is mainly due to the fall back in the balance of opinion on personal business outlook and to the sharp increase in the balance on the level of finished-good inventories.
In building construction, the business climate has slightly fallen back. At 100, the synthetic indicator has lost one point and has reached its long-term average (100). This decrease is notably driven by the fall back in the balance on expected activity.
In services, the business climate has slightly rebounded. At 96, the synthetic indicator has won one point (after rounding) and has moved closer to its long-term average (100). This slight increase is mainly due to the rebound in the forward-looking balances on demand and on workforce size.
Lastly, in retail trade (including trade and repair of vehicles) the business climate has slightly increased again. At 99 the synthetic indicator has gained one point (after rounding) and has moved closer to its long-term average (100). This rise is mainly driven by the improvement of the balance related to ordering intentions
tableauBusiness and employment climates
| Feb. 25 | Mar. 25 | Apr. 25 | May 25 | June 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 96 | 97 | 97 | 96 | 96 |
| Manufacturing industry | 97 | 96 | 100 | 97 | 96 |
| Building construction | 98 | 98 | 97 | 101 | 100 |
| Services | 98 | 97 | 98 | 95 | 96 |
| Retail trade* | 97 | 100 | 95 | 98 | 99 |
| Wholesale trade | 94 | 95 | |||
| Employment | 93 | 96 | 97 | 94 | 97 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has rebounded
In June 2025, the synthetic indicator of employment climate has gained three points and has reached its April level. At 97, it has been staying below its long-term average (100) for a year. This rebound in the climate is mainly due to the rebound in the balance on future workforce size in services (excluding temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-06 | 97.3 |
| 2025-05 | 94.2 |
| 2025-04 | 96.6 |
| 2025-03 | 95.9 |
| 2025-02 | 93.3 |
| 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 | 102.4 |
| 2024-04 | 100.9 |
| 2024-03 | 100.4 |
| 2024-02 | 101.8 |
| 2024-01 | 99.4 |
| 2023-12 | 100.7 |
| 2023-11 | 99.8 |
| 2023-10 | 102.3 |
| 2023-09 | 104.7 |
| 2023-08 | 101.4 |
| 2023-07 | 105.5 |
| 2023-06 | 106.2 |
| 2023-05 | 106.8 |
| 2023-04 | 109.2 |
| 2023-03 | 109.5 |
| 2023-02 | 110.1 |
| 2023-01 | 112.6 |
| 2022-12 | 110.6 |
| 2022-11 | 108.6 |
| 2022-10 | 107.9 |
| 2022-09 | 109.2 |
| 2022-08 | 108.2 |
| 2022-07 | 110.6 |
| 2022-06 | 108.2 |
| 2022-05 | 110.4 |
| 2022-04 | 111.3 |
| 2022-03 | 113.0 |
| 2022-02 | 114.0 |
| 2022-01 | 110.6 |
| 2021-12 | 108.9 |
| 2021-11 | 113.5 |
| 2021-10 | 110.5 |
| 2021-09 | 107.6 |
| 2021-08 | 109.1 |
| 2021-07 | 108.7 |
| 2021-06 | 107.3 |
| 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 | 80.5 |
| 2020-10 | 87.9 |
| 2020-09 | 92.8 |
| 2020-08 | 89.2 |
| 2020-07 | 79.3 |
| 2020-06 | 69.7 |
| 2020-05 | 49.6 |
| 2020-04 | 40.9 |
| 2020-03 | 97.0 |
| 2020-02 | 106.0 |
| 2020-01 | 106.0 |
| 2019-12 | 107.5 |
| 2019-11 | 108.1 |
| 2019-10 | 106.6 |
| 2019-09 | 108.0 |
| 2019-08 | 107.7 |
| 2019-07 | 107.3 |
| 2019-06 | 108.0 |
| 2019-05 | 105.4 |
| 2019-04 | 107.1 |
| 2019-03 | 107.8 |
| 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 | 108.1 |
| 2018-07 | 108.3 |
| 2018-06 | 109.7 |
| 2018-05 | 109.5 |
| 2018-04 | 108.8 |
| 2018-03 | 109.5 |
| 2018-02 | 109.5 |
| 2018-01 | 109.2 |
| 2017-12 | 108.3 |
| 2017-11 | 107.1 |
| 2017-10 | 107.9 |
| 2017-09 | 106.8 |
| 2017-08 | 105.1 |
| 2017-07 | 107.0 |
| 2017-06 | 107.5 |
| 2017-05 | 107.0 |
| 2017-04 | 106.6 |
| 2017-03 | 107.1 |
| 2017-02 | 104.6 |
| 2017-01 | 105.6 |
| 2016-12 | 106.3 |
| 2016-11 | 105.4 |
| 2016-10 | 104.8 |
| 2016-09 | 105.0 |
| 2016-08 | 102.3 |
| 2016-07 | 104.7 |
| 2016-06 | 100.9 |
| 2016-05 | 101.5 |
| 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 | 99.1 |
| 2015-06 | 98.7 |
| 2015-05 | 96.6 |
| 2015-04 | 96.6 |
| 2015-03 | 94.5 |
| 2015-02 | 95.1 |
| 2015-01 | 93.1 |
| 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 | 97.3 |
| 2012-01 | 97.5 |
| 2011-12 | 98.3 |
| 2011-11 | 100.4 |
| 2011-10 | 99.5 |
| 2011-09 | 103.5 |
| 2011-08 | 105.0 |
| 2011-07 | 109.5 |
| 2011-06 | 110.9 |
| 2011-05 | 111.0 |
| 2011-04 | 108.8 |
| 2011-03 | 108.9 |
| 2011-02 | 110.4 |
| 2011-01 | 102.7 |
| 2010-12 | 105.4 |
| 2010-11 | 104.1 |
| 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 | 75.2 |
| 2009-05 | 74.3 |
| 2009-04 | 74.7 |
| 2009-03 | 74.6 |
| 2009-02 | 79.1 |
| 2009-01 | 81.0 |
| 2008-12 | 84.1 |
| 2008-11 | 88.5 |
| 2008-10 | 95.7 |
| 2008-09 | 100.2 |
| 2008-08 | 101.3 |
| 2008-07 | 106.7 |
| 2008-06 | 104.5 |
| 2008-05 | 108.7 |
| 2008-04 | 112.9 |
| 2008-03 | 112.8 |
| 2008-02 | 114.3 |
| 2008-01 | 114.6 |
| 2007-12 | 114.6 |
| 2007-11 | 113.8 |
| 2007-10 | 112.4 |
| 2007-09 | 114.1 |
| 2007-08 | 113.5 |
| 2007-07 | 111.7 |
| 2007-06 | 113.5 |
| 2007-05 | 114.6 |
| 2007-04 | 111.9 |
| 2007-03 | 111.4 |
| 2007-02 | 112.2 |
| 2007-01 | 109.7 |
| 2006-12 | 112.0 |
| 2006-11 | 111.2 |
| 2006-10 | 109.9 |
| 2006-09 | 108.7 |
| 2006-08 | 110.0 |
| 2006-07 | 110.5 |
| 2006-06 | 111.4 |
| 2006-05 | 108.9 |
| 2006-04 | 108.3 |
| 2006-03 | 105.8 |
| 2006-02 | 105.0 |
| 2006-01 | 105.1 |
| 2005-12 | 103.5 |
| 2005-11 | 104.1 |
| 2005-10 | 104.0 |
| 2005-09 | 104.1 |
| 2005-08 | 104.0 |
| 2005-07 | 103.6 |
| 2005-06 | 103.1 |
| 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 employment climate for May 2025 has been revised downwards by one point (after rounding). This revision is 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 26 May and 17 June 2025; most companies answer during the first two weeks of collection.
Next issue: 24 July 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 26 May and 17 June 2025; most companies answer during the first two weeks of collection.
Next issue: 24 July 2025 at 08:45 am.