Informations Rapides ·
24 July 2025 · n° 184
In July 2025, the business climate in services is stable Monthly survey of services - July 2025
According to the business managers surveyed in July 2025, the business climate in services is stable (after rounding). At 96, the indicator that synthesizes it stands below its long-term average (100) for the thirteenth month in a row.
The seasonal coefficients as well as the parameters of the composite indicators have been updated in July 2025, as usually at this time of year. This has led to revisions in the set of results previously published from this survey. These revisions are for the most part quite minor and have no impact on the analysis of the business situation.
According to the business managers surveyed in July 2025, the business climate in services is stable (after rounding). At 96, the indicator that synthesizes it stands below its long-term average (100) for the thirteenth month in a row.
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-07 | 96.4 |
| 2025-06 | 95.5 |
| 2025-05 | 95.0 |
| 2025-04 | 99.1 |
| 2025-03 | 97.3 |
| 2025-02 | 97.5 |
| 2025-01 | 96.1 |
| 2024-12 | 96.4 |
| 2024-11 | 97.7 |
| 2024-10 | 99.8 |
| 2024-09 | 98.3 |
| 2024-08 | 97.5 |
| 2024-07 | 96.0 |
| 2024-06 | 101.6 |
| 2024-05 | 102.7 |
| 2024-04 | 101.1 |
| 2024-03 | 102.6 |
| 2024-02 | 100.0 |
| 2024-01 | 101.5 |
| 2023-12 | 100.5 |
| 2023-11 | 99.6 |
| 2023-10 | 100.0 |
| 2023-09 | 100.6 |
| 2023-08 | 101.5 |
| 2023-07 | 102.3 |
| 2023-06 | 102.3 |
| 2023-05 | 101.7 |
| 2023-04 | 104.3 |
| 2023-03 | 103.8 |
| 2023-02 | 105.5 |
| 2023-01 | 104.7 |
| 2022-12 | 104.2 |
| 2022-11 | 104.3 |
| 2022-10 | 105.2 |
| 2022-09 | 105.1 |
| 2022-08 | 106.7 |
| 2022-07 | 106.1 |
| 2022-06 | 107.5 |
| 2022-05 | 109.2 |
| 2022-04 | 109.5 |
| 2022-03 | 108.4 |
| 2022-02 | 112.4 |
| 2022-01 | 106.0 |
| 2021-12 | 108.4 |
| 2021-11 | 114.4 |
| 2021-10 | 113.8 |
| 2021-09 | 110.2 |
| 2021-08 | 108.6 |
| 2021-07 | 111.1 |
| 2021-06 | 112.4 |
| 2021-05 | 107.4 |
| 2021-04 | 92.7 |
| 2021-03 | 94.0 |
| 2021-02 | 87.5 |
| 2021-01 | 91.4 |
| 2020-12 | 90.0 |
| 2020-11 | 76.2 |
| 2020-10 | 88.0 |
| 2020-09 | 93.5 |
| 2020-08 | 93.4 |
| 2020-07 | 88.6 |
| 2020-06 | 76.8 |
| 2020-05 | 48.9 |
| 2020-04 | 38.1 |
| 2020-03 | 91.9 |
| 2020-02 | 105.5 |
| 2020-01 | 106.3 |
| 2019-12 | 106.7 |
| 2019-11 | 106.2 |
| 2019-10 | 105.9 |
| 2019-09 | 105.8 |
| 2019-08 | 105.3 |
| 2019-07 | 105.3 |
| 2019-06 | 106.2 |
| 2019-05 | 106.1 |
| 2019-04 | 106.9 |
| 2019-03 | 105.0 |
| 2019-02 | 103.9 |
| 2019-01 | 103.8 |
| 2018-12 | 102.6 |
| 2018-11 | 104.3 |
| 2018-10 | 103.8 |
| 2018-09 | 104.7 |
| 2018-08 | 104.2 |
| 2018-07 | 104.9 |
| 2018-06 | 104.8 |
| 2018-05 | 104.8 |
| 2018-04 | 106.7 |
| 2018-03 | 107.3 |
| 2018-02 | 106.5 |
| 2018-01 | 107.5 |
| 2017-12 | 109.2 |
| 2017-11 | 107.9 |
| 2017-10 | 107.2 |
| 2017-09 | 107.0 |
| 2017-08 | 106.9 |
| 2017-07 | 104.3 |
| 2017-06 | 103.7 |
| 2017-05 | 103.3 |
| 2017-04 | 103.8 |
| 2017-03 | 103.5 |
| 2017-02 | 103.1 |
| 2017-01 | 101.7 |
| 2016-12 | 103.6 |
| 2016-11 | 100.8 |
| 2016-10 | 100.7 |
| 2016-09 | 100.7 |
| 2016-08 | 100.0 |
| 2016-07 | 100.3 |
| 2016-06 | 99.1 |
| 2016-05 | 100.7 |
| 2016-04 | 98.2 |
| 2016-03 | 99.4 |
| 2016-02 | 99.8 |
| 2016-01 | 100.1 |
| 2015-12 | 96.9 |
| 2015-11 | 99.2 |
| 2015-10 | 99.4 |
| 2015-09 | 97.4 |
| 2015-08 | 98.5 |
| 2015-07 | 97.4 |
| 2015-06 | 96.7 |
| 2015-05 | 95.3 |
| 2015-04 | 93.8 |
| 2015-03 | 92.2 |
| 2015-02 | 91.3 |
| 2015-01 | 91.0 |
| 2014-12 | 91.1 |
| 2014-11 | 91.0 |
| 2014-10 | 91.0 |
| 2014-09 | 90.8 |
| 2014-08 | 91.3 |
| 2014-07 | 92.3 |
| 2014-06 | 92.0 |
| 2014-05 | 92.0 |
| 2014-04 | 93.0 |
| 2014-03 | 92.9 |
| 2014-02 | 92.0 |
| 2014-01 | 92.1 |
| 2013-12 | 90.6 |
| 2013-11 | 92.2 |
| 2013-10 | 91.6 |
| 2013-09 | 92.2 |
| 2013-08 | 88.4 |
| 2013-07 | 86.3 |
| 2013-06 | 85.7 |
| 2013-05 | 84.4 |
| 2013-04 | 83.0 |
| 2013-03 | 83.8 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 86.9 |
| 2012-11 | 85.2 |
| 2012-10 | 85.9 |
| 2012-09 | 87.0 |
| 2012-08 | 87.1 |
| 2012-07 | 89.4 |
| 2012-06 | 89.8 |
| 2012-05 | 91.8 |
| 2012-04 | 95.5 |
| 2012-03 | 93.1 |
| 2012-02 | 91.7 |
| 2012-01 | 92.2 |
| 2011-12 | 94.4 |
| 2011-11 | 94.9 |
| 2011-10 | 97.2 |
| 2011-09 | 98.2 |
| 2011-08 | 100.5 |
| 2011-07 | 105.1 |
| 2011-06 | 107.3 |
| 2011-05 | 107.6 |
| 2011-04 | 109.1 |
| 2011-03 | 110.6 |
| 2011-02 | 109.3 |
| 2011-01 | 107.3 |
| 2010-12 | 107.0 |
| 2010-11 | 104.8 |
| 2010-10 | 102.8 |
| 2010-09 | 101.6 |
| 2010-08 | 100.6 |
| 2010-07 | 99.1 |
| 2010-06 | 98.2 |
| 2010-05 | 99.3 |
| 2010-04 | 97.7 |
| 2010-03 | 94.3 |
| 2010-02 | 94.2 |
| 2010-01 | 93.9 |
| 2009-12 | 92.5 |
| 2009-11 | 92.1 |
| 2009-10 | 90.6 |
| 2009-09 | 87.3 |
| 2009-08 | 83.9 |
| 2009-07 | 81.4 |
| 2009-06 | 77.4 |
| 2009-05 | 72.6 |
| 2009-04 | 68.3 |
| 2009-03 | 67.9 |
| 2009-02 | 73.1 |
| 2009-01 | 74.4 |
| 2008-12 | 77.1 |
| 2008-11 | 80.1 |
| 2008-10 | 84.1 |
| 2008-09 | 93.0 |
| 2008-08 | 94.9 |
| 2008-07 | 96.5 |
| 2008-06 | 101.0 |
| 2008-05 | 104.3 |
| 2008-04 | 106.8 |
| 2008-03 | 108.6 |
| 2008-02 | 108.7 |
| 2008-01 | 110.6 |
| 2007-12 | 109.1 |
| 2007-11 | 110.4 |
| 2007-10 | 110.2 |
| 2007-09 | 111.7 |
| 2007-08 | 112.5 |
| 2007-07 | 113.4 |
| 2007-06 | 112.8 |
| 2007-05 | 113.1 |
| 2007-04 | 113.2 |
| 2007-03 | 113.6 |
| 2007-02 | 112.7 |
| 2007-01 | 111.1 |
| 2006-12 | 111.6 |
| 2006-11 | 113.4 |
| 2006-10 | 111.0 |
| 2006-09 | 110.9 |
| 2006-08 | 110.8 |
| 2006-07 | 110.6 |
| 2006-06 | 109.4 |
| 2006-05 | 110.8 |
| 2006-04 | 108.0 |
| 2006-03 | 107.7 |
| 2006-02 | 106.5 |
| 2006-01 | 109.2 |
| 2005-12 | 107.2 |
| 2005-11 | 106.7 |
| 2005-10 | 108.6 |
| 2005-09 | 107.1 |
| 2005-08 | 107.5 |
| 2005-07 | 107.9 |
| 2005-06 | 108.5 |
| 2005-05 | 106.3 |
| 2005-04 | 108.3 |
| 2005-03 | 108.5 |
| 2005-02 | 106.4 |
| 2005-01 | 106.6 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
The balances of opinion on the activity have increased, whereas those on the general business outlook and the expected demand have deteriorated
In July 2025, the balance of opinion on the expected activity has sharply rebounded and has moved closer to its average level. The balance on the past activity has increased again and has also moved closer to its average level.
Conversely, the balances on the expected demand and on the business outlook for the sector have retreated and have moved away from their average.
The balance of opinion on the past workforce size has fallen back, whereas the one on the expected workforce size is virtually stable. Both stand below their average.
The balance on the economic uncertainty felt has rebounded and has reached its average.
In July 2025, the share of business managers reporting difficulties in recruitment has diminished compared to the previous quarter and has moved below its average, for the first time since the health crisis.
Business managers are less numerous to report only difficulties of demand as obstacles preventing them from increasing their activity, and as numerous to report only difficulties of supply. The share of those reporting difficulties of demand and supply at the same time has increased and has moved above its average level.
The quarterly balance of opinion on the expected investment for the next three months is stable, below its average for the eighth quarter.
The quarterly balance on the cash position is also stable, at its average level.
tableauEconomic outlook in the services sector
| Average* | Apr. 2025 | May 2025 | Jun. 2025 | Jul. 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 99 | 95 | 96 | 96 |
| General outlook | -7 | -7 | -8 | -7 | -9 |
| Past activity | 2 | 0 | -10 | -6 | -4 |
| Expected activity | 1 | 3 | -5 | -9 | -3 |
| Expected demand | 0 | -3 | -4 | -2 | -4 |
| Past selling prices | -3 | 2 | -2 | -2 | -4 |
| Expected selling prices | -2 | 3 | -1 | -1 | 1 |
| Past employment | 2 | -7 | -4 | -1 | -6 |
| Past employment except temporary work agencies | 0 | -5 | -3 | 0 | -5 |
| Expected employment | 2 | -5 | -12 | -7 | -6 |
| Expected employment except temporary work agencies | 0 | -2 | -9 | -4 | -4 |
| Cash position*** | -10 | -10 | -10 | ||
| Difficulties | |||||
| difficulties of supply and demand (in %)*** | 9 | 9 | 11 | ||
| difficulties of supply only (in %)*** | 23 | 16 | 16 | ||
| difficulties of demand only (in %)*** | 28 | 19 | 16 | ||
| Difficulties in recruitment (in %)*** | 31 | 34 | 30 | ||
| Expected investments*** | 3 | 0 | 0 | ||
| Economic uncertainty felt** | 12 | 10 | 12 | 9 | 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.
- *** Balance of opinion from the quarterly section of the survey.
The business climate is especially deteriorated in information-communication and in administrative and support services
In information-communication, the business climate has darkened a little and has moved further away from its long-term average. In particular, the balances of opinion on the expected demand and on the past workforce size have sharply fallen back, and have left their average. Conversely, the one on the expected activity has rebounded, without reaching its average.
In professional, scientific and technical activities, the business climate has slightly brightened again, but remains below its average level. The rise in the balances on the activity, past and expected, has contributed to the improvement of climate.
In administrative and support services, the business climate indicator has slightly risen but remains well below its average. The forward-looking balances on the activity and on the workforce size have increased again, but remain way below their average. The balance on the past workforce size has sharply diminished for its part.
The business climate indicator in real estate activities has deteriorated, and has moved below its average for the first time since October 2024. In particular, the balances of opinion on the expected demand and workforce size have decreased.
In accommodation and food services, the business climate indicator has brightened again and has moved above its average level. This rise was mainly due to the sharp increase in the balances on the expected activity and on the expected workforce size.
Finally, in road freight transport, the business climate has sharply darkened and has moved below its average. In particular, the forward-looking balances on the activity, on the demand and on the workforce size have sharply diminished and have moved away from their average. Nevertheless, the one on the past workforce size has sharply risen, and has returned to its own.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Apr. 2025 | May 2025 | Jun. 2025 | Jul. 2025 |
|---|---|---|---|---|---|
| Road freight transport (8%) | |||||
| Composite indicator | 100 | 97 | 100 | 102 | 98 |
| General outlook | -19 | -20 | -17 | -18 | -20 |
| Past activity | -6 | -15 | -11 | -14 | -5 |
| Expected activity | -7 | -9 | -6 | -1 | -13 |
| Expected demand | -9 | -20 | -6 | -2 | -11 |
| Past employment | -6 | -12 | -18 | -18 | -6 |
| Expected employment | -7 | -5 | -11 | -3 | -10 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 101 | 95 | 99 | 103 |
| General outlook | -13 | -4 | -9 | -11 | -10 |
| Past activity | -7 | 1 | -18 | -1 | -8 |
| Expected activity | -8 | -17 | -19 | -16 | 0 |
| Expected demand | -9 | -15 | -23 | -10 | -8 |
| Past employment | -5 | 4 | -10 | 5 | 0 |
| Expected employment | -6 | -2 | -19 | -14 | -7 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 101 | 95 | 95 | 94 |
| General outlook | 0 | -2 | -5 | -3 | -5 |
| Past activity | 8 | 14 | -15 | -3 | -3 |
| Expected activity | 9 | 23 | 2 | -15 | -4 |
| Expected demand | 10 | 14 | 9 | 10 | 4 |
| Past employment | 6 | -3 | 0 | 6 | -5 |
| Expected employment | 10 | 7 | 3 | 3 | 2 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 105 | 104 | 101 | 99 |
| General outlook | -4 | -1 | 0 | -2 | -2 |
| Past activity | 6 | 12 | 7 | 4 | 5 |
| Expected activity | 6 | 13 | 10 | 7 | 11 |
| Expected demand | 1 | 9 | 7 | 2 | 1 |
| Past employment | 2 | -3 | 3 | 2 | -4 |
| Expected employment | 3 | 6 | 1 | 1 | -1 |
| Professional, scientific and technisa activities (25%) | |||||
| Composite indicator | 100 | 98 | 95 | 97 | 98 |
| General outlook | -8 | -7 | -11 | -7 | -10 |
| Past activity | -1 | -10 | -9 | -13 | -5 |
| Expected activity | -3 | -5 | -11 | -7 | -3 |
| Expected demand | -5 | -11 | -12 | -11 | -9 |
| Past employment | 0 | -1 | 0 | -1 | -3 |
| Expected employment | 1 | -5 | -6 | 0 | -2 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 89 | 88 | 91 | 92 |
| General outlook | -3 | -9 | -9 | -8 | -7 |
| Past activity | 5 | -6 | -11 | -9 | -8 |
| Expected activity | 4 | -10 | -12 | -9 | -6 |
| Expected demand | 3 | -15 | -13 | -8 | -8 |
| Past employment | 6 | -17 | -5 | -4 | -11 |
| Expected employment | 6 | -15 | -23 | -15 | -13 |
- 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 June 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 25 June and 21 July 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: 22 August 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 25 June and 21 July 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: 22 August 2025 at 8:45 am.