Informations Rapides · 24 July 2025 · n° 179
In July 2025, the business climate remains gloomy Business indicator - July 2025

In July 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, is stable at 96, whereas the one of employment climate has fallen back.

Informations rapides

N^o 179

Paru le :Paru le24/07/2025

Prochaine parution le : 22/08/2025 at 08:45 - August 2025

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Warning

In July 2025, using an unchanged methodology, the balances of opinion used to calculate the business climate in France have been slightly revised to better reflect short-term dynamics in certain sectors, particularly in building construction and retail trade. Moreover, as usually at this time of the year, the seasonal coefficients have also been updated. This has led to quite minor revisions in the set of results previously released, which do not alter the reading of the short-term diagnosis. See the tab “Documentation” for more details.

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Documentation

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Sommaire

In July 2025, the business climate indicator is stable
The employment climate indicator has fallen back
Revisions
For further information

In July 2025, the business climate indicator is stable

In July 2025, the indicator that synthesises the business climate in France stands at 96, below its long term average (100) since April 2024. The business climate has slightly deteriorated in retail trade, is stable or almost stable in manufacturing industry, services and building construction and has improved in wholesale trade.

Graphique
Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2025-07	96.0
2025-06	96.0
2025-05	95.5
2025-04	97.1
2025-03	96.6
2025-02	95.9
2025-01	95.4
2024-12	95.0
2024-11	96.1
2024-10	97.0
2024-09	97.4
2024-08	96.6
2024-07	94.4
2024-06	99.6
2024-05	99.8
2024-04	99.7
2024-03	100.3
2024-02	99.0
2024-01	99.4
2023-12	98.8
2023-11	98.1
2023-10	98.7
2023-09	99.9
2023-08	100.2
2023-07	100.6
2023-06	100.8
2023-05	100.6
2023-04	103.5
2023-03	102.9
2023-02	103.5
2023-01	102.7
2022-12	103.3
2022-11	102.9
2022-10	102.9
2022-09	102.2
2022-08	104.2
2022-07	103.7
2022-06	104.9
2022-05	106.3
2022-04	107.0
2022-03	107.2
2022-02	114.0
2022-01	109.1
2021-12	110.7
2021-11	114.8
2021-10	114.3
2021-09	112.0
2021-08	111.0
2021-07	113.4
2021-06	115.1
2021-05	110.9
2021-04	97.3
2021-03	98.3
2021-02	91.1
2021-01	94.3
2020-12	93.3
2020-11	78.1
2020-10	90.5
2020-09	93.8
2020-08	94.4
2020-07	90.9
2020-06	84.5
2020-05	58.8
2020-04	45.9
2020-03	93.8
2020-02	106.0
2020-01	106.8
2019-12	106.6
2019-11	107.0
2019-10	106.9
2019-09	107.0
2019-08	106.3
2019-07	106.3
2019-06	107.1
2019-05	107.2
2019-04	107.5
2019-03	106.1
2019-02	104.9
2019-01	104.6
2018-12	104.1
2018-11	107.0
2018-10	106.6
2018-09	107.5
2018-08	107.8
2018-07	108.2
2018-06	109.1
2018-05	109.6
2018-04	111.3
2018-03	111.7
2018-02	111.7
2018-01	112.8
2017-12	113.4
2017-11	112.3
2017-10	111.0
2017-09	111.1
2017-08	110.8
2017-07	109.7
2017-06	108.8
2017-05	107.9
2017-04	107.4
2017-03	106.7
2017-02	107.4
2017-01	106.5
2016-12	106.1
2016-11	103.7
2016-10	103.7
2016-09	103.5
2016-08	103.4
2016-07	103.9
2016-06	103.0
2016-05	104.4
2016-04	102.4
2016-03	103.1
2016-02	103.1
2016-01	104.2
2015-12	101.7
2015-11	103.1
2015-10	103.1
2015-09	102.2
2015-08	103.0
2015-07	101.3
2015-06	100.8
2015-05	99.6
2015-04	98.6
2015-03	97.0
2015-02	95.8
2015-01	94.9
2014-12	93.9
2014-11	93.7
2014-10	91.9
2014-09	92.0
2014-08	93.0
2014-07	94.4
2014-06	95.1
2014-05	95.7
2014-04	96.3
2014-03	96.4
2014-02	95.3
2014-01	95.6
2013-12	94.2
2013-11	94.9
2013-10	95.3
2013-09	95.7
2013-08	91.8
2013-07	88.5
2013-06	86.7
2013-05	85.3
2013-04	84.2
2013-03	85.7
2013-02	87.8
2013-01	87.7
2012-12	88.3
2012-11	87.4
2012-10	86.0
2012-09	87.9
2012-08	89.4
2012-07	90.7
2012-06	91.5
2012-05	92.8
2012-04	97.2
2012-03	95.4
2012-02	92.7
2012-01	92.8
2011-12	94.3
2011-11	95.4
2011-10	97.5
2011-09	98.5
2011-08	101.3
2011-07	106.4
2011-06	107.9
2011-05	108.2
2011-04	108.9
2011-03	109.8
2011-02	109.3
2011-01	108.1
2010-12	107.2
2010-11	105.5
2010-10	104.7
2010-09	102.8
2010-08	100.8
2010-07	98.6
2010-06	96.8
2010-05	97.3
2010-04	96.1
2010-03	92.1
2010-02	92.9
2010-01	92.2
2009-12	90.7
2009-11	90.5
2009-10	88.8
2009-09	85.9
2009-08	83.0
2009-07	79.7
2009-06	77.7
2009-05	74.0
2009-04	70.9
2009-03	69.2
2009-02	72.8
2009-01	74.6
2008-12	76.2
2008-11	79.2
2008-10	82.8
2008-09	92.4
2008-08	94.7
2008-07	96.0
2008-06	99.8
2008-05	103.2
2008-04	105.9
2008-03	108.3
2008-02	108.4
2008-01	109.5
2007-12	110.1
2007-11	110.3
2007-10	110.0
2007-09	111.3
2007-08	112.0
2007-07	113.1
2007-06	113.9
2007-05	112.9
2007-04	112.6
2007-03	112.0
2007-02	111.7
2007-01	109.8
2006-12	109.8
2006-11	111.5
2006-10	109.6
2006-09	109.6
2006-08	109.0
2006-07	108.5
2006-06	106.4
2006-05	106.8
2006-04	105.0
2006-03	104.4
2006-02	104.0
2006-01	106.4
2005-12	104.9
2005-11	103.2
2005-10	103.8
2005-09	100.8
2005-08	101.5
2005-07	101.7
2005-06	102.0
2005-05	100.9
2005-04	103.5
2005-03	104.5
2005-02	104.4
2005-01	103.8

graphiqueFrench business climate composite indicator

In July 2025, the business climate has slightly fallen back in retail trade (including trade and repair of vehicles). At 98 the synthetic indicator has lost one point and has moved away from its long-term average (100). This settling is mainly driven by the slight deterioration in the balance related to ordering intentions.

In manufacturing industry, the business climate is almost stable. At 96 after rounding, the synthetic indicator has lost one point and stands below its long term average (100). The balances of opinion related to production and foreign order books have decreased, while the one on overall order books has increased.

In services, the business climate is stable (after rounding). At 96, the synthetic indicator has been standing below its long-term average (100) for thirteen months. The balances of opinion on activity have risen, while the ones on general outlook and expected demand have deteriorated.

In building construction, the business climate is stable. At 96, the synthetic indicator remains below its long-term average. Business managers are more pessimistic than in June about their future activity but maintain their opinion on past activity. Moreover, they have reported a sharp deterioration in their production capacity utilisation rate and a slight decrease in the level of their order books.

Lastly, in wholesale trade, the bimonthly business climate has improved. At 97, the composite indicator has gained three points (after rounding) but remains below its long-term average (100). The balances of opinion on the past sales and on received merchandise from abroad have increased.

tableauBusiness and employment climates

Business and employment climates
	Mar. 25	Apr. 25	May 25	June 25	July 25
Business climates
France	97	97	95	96	96
Manufacturing industry	97	100	97	97	96
Building construction	94	93	96	96	96
Services	97	99	95	96	96
Retail trade*	102	98	98	99	98
Wholesale trade	94		94		97

Employment	96	98	94	98	97

* including trade and repair of vehicles.
Source: INSEE, business tendency surveys.

The employment climate indicator has fallen back

In July 2025, the synthetic indicator of employment climate has lost one point. At 97, it has been staying below its long-term average (100) for thirteen months. This is mainly due to the fall back in the balance on past workforce size in services (excluding temporary work agencies).

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2025-07	96.7
2025-06	98.3
2025-05	93.6
2025-04	97.8
2025-03	96.4
2025-02	93.5
2025-01	97.0
2024-12	96.3
2024-11	98.2
2024-10	97.3
2024-09	98.5
2024-08	98.3
2024-07	97.2
2024-06	100.1
2024-05	101.7
2024-04	102.2
2024-03	100.9
2024-02	102.9
2024-01	99.5
2023-12	100.8
2023-11	99.7
2023-10	102.8
2023-09	104.0
2023-08	102.1
2023-07	106.3
2023-06	106.5
2023-05	106.9
2023-04	110.4
2023-03	109.6
2023-02	110.1
2023-01	111.3
2022-12	109.9
2022-11	108.8
2022-10	109.3
2022-09	108.3
2022-08	109.3
2022-07	111.1
2022-06	109.1
2022-05	111.0
2022-04	112.4
2022-03	113.5
2022-02	114.3
2022-01	110.6
2021-12	110.2
2021-11	113.1
2021-10	112.5
2021-09	106.4
2021-08	108.1
2021-07	108.1
2021-06	106.5
2021-05	101.1
2021-04	91.9
2021-03	90.7
2021-02	83.9
2021-01	87.0
2020-12	83.7
2020-11	81.4
2020-10	89.4
2020-09	91.5
2020-08	88.8
2020-07	79.0
2020-06	68.5
2020-05	50.8
2020-04	42.2
2020-03	97.5
2020-02	105.7
2020-01	105.9
2019-12	107.4
2019-11	107.4
2019-10	107.1
2019-09	107.0
2019-08	107.8
2019-07	107.2
2019-06	108.1
2019-05	106.2
2019-04	108.7
2019-03	108.4
2019-02	108.1
2019-01	106.4
2018-12	105.2
2018-11	104.8
2018-10	107.4
2018-09	107.0
2018-08	108.3
2018-07	108.4
2018-06	109.7
2018-05	110.7
2018-04	110.1
2018-03	110.7
2018-02	109.4
2018-01	109.4
2017-12	108.4
2017-11	107.1
2017-10	108.0
2017-09	106.4
2017-08	106.0
2017-07	106.6
2017-06	107.3
2017-05	107.6
2017-04	107.1
2017-03	107.5
2017-02	104.3
2017-01	105.6
2016-12	106.3
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	101.5
2016-04	99.5
2016-03	99.2
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	93.1
2014-12	94.0
2014-11	93.6
2014-10	93.5
2014-09	93.7
2014-08	93.4
2014-07	94.6
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	90.3
2013-07	89.5
2013-06	88.5
2013-05	85.1
2013-04	86.4
2013-03	88.2
2013-02	88.8
2013-01	91.7
2012-12	89.3
2012-11	89.6
2012-10	91.2
2012-09	91.3
2012-08	93.0
2012-07	92.2
2012-06	93.4
2012-05	94.5
2012-04	97.7
2012-03	98.3
2012-02	97.3
2012-01	97.6
2011-12	98.4
2011-11	100.4
2011-10	99.6
2011-09	103.5
2011-08	105.1
2011-07	109.6
2011-06	111.0
2011-05	111.0
2011-04	108.9
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	96.4
2010-04	95.0
2010-03	93.0
2010-02	90.6
2010-01	90.0
2009-12	88.5
2009-11	86.7
2009-10	84.4
2009-09	82.9
2009-08	84.1
2009-07	79.2
2009-06	75.1
2009-05	74.2
2009-04	74.7
2009-03	74.5
2009-02	79.1
2009-01	80.9
2008-12	84.0
2008-11	88.5
2008-10	95.6
2008-09	100.1
2008-08	101.2
2008-07	106.6
2008-06	104.5
2008-05	108.6
2008-04	112.9
2008-03	112.8
2008-02	114.3
2008-01	114.5
2007-12	114.5
2007-11	113.7
2007-10	112.3
2007-09	113.9
2007-08	113.3
2007-07	111.6
2007-06	113.4
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	109.7
2006-09	108.6
2006-08	109.8
2006-07	110.4
2006-06	111.3
2006-05	108.8
2006-04	108.2
2006-03	105.7
2006-02	105.0
2006-01	104.9
2005-12	103.4
2005-11	104.0
2005-10	104.0
2005-09	104.0
2005-08	103.9
2005-07	103.5
2005-06	103.0
2005-05	103.8
2005-04	103.3
2005-03	105.7
2005-02	103.1
2005-01	103.1

graphiqueFrench employment climate composite indicator

Revisions

The indicator of the business climate in manufacturing industry for June 2025 has been revised upwards by one point (after rounding) as well as the employment climate indicator. Conversely, the business climate in building construction has been improved, leading to a revision in the entire series and a downward revision by four points in June (after rounding). The business climate in wholesale trade has also been revised downwards by one points (after rounding). These revisions are mainly due to the inclusion of late responses from companies as well as the update of seasonal coefficients and business climates parameters. 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 26 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 June and 21 July 2025; most companies answer during the first two weeks of collection.

Next issue: 22 August 2025 at 08:45 am.