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Informations Rapides · 22 August 2025 · n° 205
Informations rapidesIn August 2025, the business climate in manufacturing industry is stable Monthly business survey (goods-producing industries) - August 2025

In July 2025, the business climate in manufacturing industry is stable. At 96, the synthetic indicator remains below its long-term average (100). Apart from the balance of opinion on the level of finished-goods inventories which has fallen back, all the other balances contributing to the climate are virtually stable.

Informations rapides
No 205
Paru le :Paru le22/08/2025
Prochaine parution le : 19/09/2025 at 08:45 - September 2025
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In July 2025, the business climate in manufacturing industry is stable. At 96, the synthetic indicator remains below its long-term average (100). Apart from the balance of opinion on the level of finished-goods inventories which has fallen back, all the other balances contributing to the climate are virtually stable.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2025-08 96.4
2025-07 96.1
2025-06 96.5
2025-05 97.2
2025-04 100.0
2025-03 96.7
2025-02 97.4
2025-01 96.0
2024-12 96.6
2024-11 96.2
2024-10 92.6
2024-09 98.3
2024-08 99.4
2024-07 96.2
2024-06 99.4
2024-05 99.8
2024-04 100.4
2024-03 102.8
2024-02 101.2
2024-01 99.6
2023-12 99.0
2023-11 98.7
2023-10 98.8
2023-09 97.9
2023-08 97.0
2023-07 101.5
2023-06 100.8
2023-05 99.5
2023-04 101.1
2023-03 103.6
2023-02 103.6
2023-01 102.9
2022-12 101.1
2022-11 101.4
2022-10 103.3
2022-09 101.6
2022-08 103.6
2022-07 106.0
2022-06 108.2
2022-05 107.5
2022-04 108.4
2022-03 107.7
2022-02 111.7
2022-01 113.1
2021-12 108.7
2021-11 110.0
2021-10 107.4
2021-09 106.5
2021-08 109.2
2021-07 109.5
2021-06 107.8
2021-05 107.8
2021-04 103.7
2021-03 98.3
2021-02 97.0
2021-01 96.1
2020-12 94.0
2020-11 91.4
2020-10 93.6
2020-09 93.4
2020-08 90.8
2020-07 81.2
2020-06 77.1
2020-05 70.8
2020-04 66.9
2020-03 97.7
2020-02 100.7
2020-01 102.9
2019-12 99.1
2019-11 102.4
2019-10 99.7
2019-09 101.9
2019-08 102.1
2019-07 101.1
2019-06 102.1
2019-05 104.3
2019-04 101.7
2019-03 103.8
2019-02 103.1
2019-01 103.6
2018-12 103.6
2018-11 105.2
2018-10 104.4
2018-09 107.4
2018-08 108.7
2018-07 108.7
2018-06 109.9
2018-05 110.4
2018-04 111.1
2018-03 111.0
2018-02 112.7
2018-01 114.1
2017-12 112.2
2017-11 111.8
2017-10 111.6
2017-09 111.3
2017-08 110.2
2017-07 108.8
2017-06 109.3
2017-05 108.8
2017-04 108.9
2017-03 105.6
2017-02 106.8
2017-01 106.0
2016-12 105.8
2016-11 102.2
2016-10 102.3
2016-09 103.5
2016-08 101.6
2016-07 101.8
2016-06 101.7
2016-05 104.3
2016-04 104.9
2016-03 102.7
2016-02 103.2
2016-01 103.1
2015-12 102.8
2015-11 102.3
2015-10 103.2
2015-09 104.7
2015-08 103.7
2015-07 101.5
2015-06 100.2
2015-05 101.6
2015-04 101.5
2015-03 99.1
2015-02 98.3
2015-01 98.7
2014-12 98.7
2014-11 98.8
2014-10 97.3
2014-09 96.8
2014-08 96.5
2014-07 96.2
2014-06 96.2
2014-05 98.1
2014-04 100.3
2014-03 100.7
2014-02 98.2
2014-01 99.6
2013-12 99.1
2013-11 97.9
2013-10 97.7
2013-09 95.8
2013-08 98.3
2013-07 94.6
2013-06 92.5
2013-05 91.8
2013-04 87.3
2013-03 90.3
2013-02 90.4
2013-01 89.7
2012-12 90.6
2012-11 91.5
2012-10 86.8
2012-09 92.7
2012-08 92.8
2012-07 91.0
2012-06 93.0
2012-05 94.7
2012-04 95.5
2012-03 96.5
2012-02 94.9
2012-01 94.7
2011-12 94.6
2011-11 97.6
2011-10 97.4
2011-09 99.1
2011-08 101.3
2011-07 104.9
2011-06 109.8
2011-05 107.2
2011-04 110.2
2011-03 110.2
2011-02 106.6
2011-01 108.6
2010-12 104.0
2010-11 101.5
2010-10 103.7
2010-09 102.6
2010-08 99.8
2010-07 96.7
2010-06 95.0
2010-05 95.7
2010-04 94.2
2010-03 90.3
2010-02 87.7
2010-01 89.2
2009-12 86.4
2009-11 86.4
2009-10 84.2
2009-09 82.9
2009-08 80.0
2009-07 75.5
2009-06 73.8
2009-05 71.6
2009-04 70.0
2009-03 65.9
2009-02 68.0
2009-01 72.2
2008-12 72.6
2008-11 79.3
2008-10 86.9
2008-09 91.6
2008-08 98.2
2008-07 98.8
2008-06 103.6
2008-05 104.3
2008-04 107.6
2008-03 110.3
2008-02 110.6
2008-01 110.8
2007-12 112.8
2007-11 112.6
2007-10 110.3
2007-09 111.0
2007-08 111.4
2007-07 112.0
2007-06 111.7
2007-05 110.5
2007-04 112.3
2007-03 111.7
2007-02 112.1
2007-01 108.5
2006-12 109.4
2006-11 109.8
2006-10 107.4
2006-09 108.4
2006-08 108.8
2006-07 109.3
2006-06 108.8
2006-05 109.2
2006-04 108.0
2006-03 106.6
2006-02 106.8
2006-01 103.2
2005-12 104.1
2005-11 101.0
2005-10 101.1
2005-09 98.8
2005-08 99.5
2005-07 100.0
2005-06 98.9
2005-05 96.8
2005-04 96.5
2005-03 99.4
2005-02 102.9
2005-01 103.2

Business climate in manufacturing - Composite indicator

  • Source: INSEE.

Industrialists’ opinion on manufacturing industry

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing industry (Balance of opinion, in %, SA)
Manufacturing industry Ave.* May-25 Jun-25 Jul-25 Aug-25
Business climate 100 97 97 96 96
Past production 4 4 2 -2 -1
Finished-goods inventory 12 8 15 16 10
Overall order books -18 -22 -22 -20 -21
Foreign order books -14 -16 -16 -18 -17
Past workforce size -8 -1 -2 -2 -2
Expected workforce size -9 -2 -2 -3 -2
Personal production prospects 6 -3 -3 -4 -5
General production prospects -7 -13 -12 -12 -12
Expected trend in selling prices 4 7 5 5 2
Economic uncertainty felt** 29 31 28 31 27
  • * Long-term average since 1976 except for the economic uncertainty felt (April 2021).
  • ** Non-seasonally adjusted balance of opinion.
  • Source: INSEE - Monthly business tendency survey in industry.

Balances of opinion relating to production and order books are virtually stable

In August 2025, the balance of opinion on past production and the one relating to personal production prospects are virtually stable, below their respective average. The balance of opinion associated with general production prospects in the industry remains stable for the third consecutive month, below its average. As for the balance of opinion on economic uncertainty felt by business leaders, it has fallen back and returned below its own.

The balances of opinion associated with the level of order books, both global and foreign, are almost stable, below their respective average.

The balance of opinion on the current level of finished-goods inventories has sharply fallen back and has moved back below its average.

The balances of opinion on the evolution of workforce size, both past and expected, are virtually stable. Both remain well below their average.

The balance of opinion relating to the expected trend in selling prices over the next three months has decreased, returning below its average and reaching its lowest level since September 2024.

The share of companies reporting being limited in their production by workforce shortage has rebounded and has departed from its average. The share of those reporting sourcing difficulties as a limiting factor to their production has fallen back and has gone back just below its own. Overall, the proportion of companies declaring supply-side obstacles only has slightly decreased: at 21%, it has left its long-term average and reached its lowest level since the second quarter of 2017, excluding COVID-19 pandemic. The share of companies reporting obstacles linked to demand only has fallen back slightly: at 25%, it remains well below its long-term average.

Share of companies declaring obstacles limiting their production*

Share of companies, in % of answers, SA
Share of companies declaring obstacles limiting their production* (Share of companies, in % of answers, SA)
Manufacturing industry Ave.** May-25 Jun-25 Jul-25 Aug-25
Difficulties of supply and demand 9 10 11 11 12
Sourcing difficulties 11 15 10 13 10
Workforce shortage 9 10 10 9 12
Difficulties of supply only 22 24 24 22 21
Difficulties of demand only 39 26 25 26 25
  • * Quaterly series from January 1991 then monthly series from May 2022.
  • ** Long-term average since 1991 on monthly series (over the quarterly collection period, the point collected in the first month of each quarter was carried over identically to the following two months).
  • Source: INSEE – Monthly business survey in industry.

The business climate in the manufacturing of food products and beverages has darkened strongly

In August 2025, the business climate indicator in the manufacturing of food products and beverages has declined sharply. At 92, it has moved away from its long-term average (100). This decline mainly comes from the fall back in the balance of opinion on global order books.

In the manufacturing of machinery and equipment goods, the synthetic indicator of the business climate has decreased again and has deviated from its long-term average (100). It has decreased across all of its sub-sectors, and particularly in the manufacturing of computer, electronic and optical products.

In the manufacturing of transport equipment, the business climate indicator has picked up and has moved away from its long-term average (100). It is stable in the sector of motor vehicles, trailers and semi-trailers, below its average, while it has rebounded in “other transport equipment” and deviated from its own.

Finally, the business climate indicator in “other manufacturing” remains stable. At 94, the indicator is well below its long-term average (100). It is almost stable across all of its sub-sectors.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2025-08 92.5 95.9 104.0 94.1
2025-07 98.1 99.2 100.9 94.3
2025-06 98.3 100.6 101.0 93.8
2025-05 94.2 101.7 100.4 95.1
2025-04 97.0 99.1 104.8 95.0
2025-03 95.7 98.7 97.2 95.2
2025-02 97.7 95.9 101.8 95.0
2025-01 96.7 95.1 98.9 94.5
2024-12 97.4 96.7 107.8 92.8
2024-11 96.5 97.0 100.8 93.5
2024-10 95.5 96.4 96.1 93.3
2024-09 94.7 98.1 109.8 93.3
2024-08 96.5 96.1 110.9 95.2
2024-07 92.0 97.6 101.3 94.7
2024-06 92.9 98.7 110.6 95.4
2024-05 90.5 98.9 109.6 97.3
2024-04 91.8 96.8 111.6 96.1
2024-03 91.3 102.1 113.0 96.8
2024-02 87.2 98.3 111.6 96.8
2024-01 86.6 99.9 112.8 94.2
2023-12 85.8 98.7 109.3 94.9
2023-11 85.3 104.0 110.0 93.7
2023-10 84.6 101.6 112.6 93.9
2023-09 87.6 104.5 102.4 95.2
2023-08 87.2 102.6 103.2 95.3
2023-07 91.6 106.7 112.9 95.1
2023-06 87.7 105.3 105.7 95.0
2023-05 92.6 106.0 103.9 95.6
2023-04 93.5 109.6 103.5 98.2
2023-03 98.4 111.6 103.8 99.2
2023-02 102.0 109.8 104.7 96.8
2023-01 100.8 112.1 103.4 96.6
2022-12 100.0 112.1 99.7 95.5
2022-11 104.2 111.3 102.4 95.4
2022-10 108.8 114.3 104.5 96.2
2022-09 107.0 111.6 98.2 98.2
2022-08 107.1 113.3 99.8 100.0
2022-07 107.0 112.9 105.9 102.3
2022-06 108.4 112.2 102.2 106.2
2022-05 107.1 111.9 101.7 105.7
2022-04 108.9 113.3 102.2 109.4
2022-03 110.8 112.2 100.2 108.4
2022-02 111.0 114.8 105.0 112.0
2022-01 112.4 116.6 104.9 110.9
2021-12 117.6 116.4 88.3 112.0
2021-11 115.2 116.8 96.2 113.6
2021-10 113.8 116.2 90.0 111.1
2021-09 109.3 116.3 87.9 112.9
2021-08 111.0 119.9 91.9 113.6
2021-07 114.1 115.0 92.0 115.4
2021-06 117.6 115.1 90.3 111.1
2021-05 116.3 111.9 89.9 111.2
2021-04 105.4 112.7 88.8 107.9
2021-03 100.8 106.2 83.3 104.5
2021-02 94.5 104.9 89.9 101.6
2021-01 91.8 103.6 87.5 100.5
2020-12 90.6 94.7 86.7 101.5
2020-11 92.8 91.1 89.3 94.6
2020-10 94.9 92.9 90.7 94.9
2020-09 102.3 90.1 91.1 92.5
2020-08 96.4 89.8 90.2 88.0
2020-07 88.0 84.7 79.4 81.4
2020-06 91.8 78.6 76.2 78.5
2020-05 91.6 76.8 75.6 74.3
2020-04 93.1 76.6 73.5 73.0
2020-03 108.6 98.4 95.7 97.5
2020-02 107.8 98.9 100.8 100.3
2020-01 108.4 100.1 106.7 99.3
2019-12 109.0 96.8 99.5 97.7
2019-11 104.3 98.3 106.6 100.9
2019-10 106.4 96.2 100.6 99.1
2019-09 108.1 100.0 101.5 101.7
2019-08 108.3 99.3 101.3 102.2
2019-07 103.0 102.8 99.4 100.8
2019-06 109.4 98.2 100.8 101.1
2019-05 111.0 104.3 102.7 102.9
2019-04 106.9 101.0 101.8 101.2
2019-03 108.0 100.5 103.1 101.7
2019-02 108.0 104.3 100.4 101.2
2019-01 108.1 102.8 102.6 102.1
2018-12 108.9 102.3 101.9 102.4
2018-11 108.7 102.2 104.0 102.6
2018-10 103.2 106.6 103.3 103.0
2018-09 107.7 107.9 104.7 105.3
2018-08 107.5 107.4 106.0 106.3
2018-07 107.6 107.8 106.1 107.1
2018-06 110.1 106.9 110.2 106.1
2018-05 108.3 111.2 109.0 108.4
2018-04 110.0 109.3 113.6 108.1
2018-03 109.3 109.5 112.3 109.8
2018-02 109.9 110.2 112.6 110.2
2018-01 111.2 111.8 112.7 111.2
2017-12 111.9 110.9 110.3 110.9
2017-11 112.1 109.9 109.1 111.1
2017-10 112.5 109.3 108.0 110.8
2017-09 106.8 107.8 109.6 109.0
2017-08 108.5 106.1 108.3 108.8
2017-07 109.6 108.4 108.4 107.5
2017-06 112.2 107.8 104.9 109.0
2017-05 105.9 108.6 105.4 107.5
2017-04 105.3 106.6 105.8 108.4
2017-03 104.2 104.2 105.3 104.9
2017-02 105.4 103.6 106.1 106.4
2017-01 103.8 102.0 106.3 105.6
2016-12 108.8 103.2 104.5 105.0
2016-11 108.1 99.5 101.7 101.6
2016-10 106.9 97.3 105.8 101.3
2016-09 109.4 98.5 105.2 100.6
2016-08 99.6 98.3 104.2 101.5
2016-07 104.8 97.5 105.4 101.8
2016-06 103.4 97.2 106.0 101.6
2016-05 103.6 97.2 105.7 104.0
2016-04 106.2 100.0 109.2 101.4
2016-03 101.8 99.2 105.8 101.3
2016-02 100.4 100.9 109.3 100.0
2016-01 101.8 100.8 108.2 99.6
2015-12 100.2 98.1 108.1 101.8
2015-11 102.7 99.7 107.7 99.6
2015-10 104.6 98.1 108.3 99.9
2015-09 105.7 96.0 109.4 102.7
2015-08 103.4 97.3 108.7 101.6
2015-07 108.6 98.4 105.0 102.9
2015-06 105.3 97.1 105.4 101.0
2015-05 101.9 97.3 104.8 101.7
2015-04 104.9 96.7 107.1 100.7
2015-03 101.1 94.3 105.2 100.2
2015-02 99.7 94.9 100.3 100.3
2015-01 103.4 93.2 101.2 99.8
2014-12 99.4 91.9 99.3 100.3
2014-11 96.2 92.0 99.8 99.8
2014-10 95.7 92.5 96.9 98.6
2014-09 94.4 92.0 101.1 97.3
2014-08 95.9 93.3 97.5 100.7
2014-07 97.4 89.0 98.2 99.2
2014-06 95.7 91.6 97.3 98.6
2014-05 98.3 93.6 97.2 99.5
2014-04 96.0 92.8 102.3 100.3
2014-03 99.9 92.8 100.4 102.5
2014-02 99.4 93.7 97.9 98.4
2014-01 99.5 91.0 101.6 98.7
2013-12 98.3 91.9 99.1 99.2
2013-11 98.3 92.0 102.1 98.8
2013-10 95.6 90.1 103.4 97.7
2013-09 95.0 89.8 97.1 97.2
2013-08 95.6 91.3 101.0 97.1
2013-07 92.6 89.4 98.4 94.9
2013-06 92.8 89.0 94.3 93.2
2013-05 91.5 89.2 94.7 91.8
2013-04 91.6 89.4 92.5 89.1
2013-03 94.0 88.7 93.2 91.2
2013-02 98.0 88.7 94.4 90.1
2013-01 97.7 87.8 93.2 91.2
2012-12 98.8 87.3 92.2 91.8
2012-11 98.3 87.2 92.8 92.2
2012-10 91.0 86.1 96.2 89.3
2012-09 96.9 90.9 98.0 93.6
2012-08 93.9 90.2 95.2 93.5
2012-07 94.6 90.8 95.7 92.2
2012-06 95.1 90.9 95.6 93.7
2012-05 93.4 94.9 95.1 95.9
2012-04 99.3 95.6 94.5 97.8
2012-03 102.8 96.4 103.4 97.2
2012-02 100.7 96.2 93.5 95.9
2012-01 100.0 96.2 94.6 94.1
2011-12 98.7 96.0 99.9 94.5
2011-11 102.3 96.1 102.8 94.2
2011-10 104.6 98.4 100.2 96.4
2011-09 102.0 99.5 98.2 98.2
2011-08 103.8 100.4 101.7 100.5
2011-07 111.8 102.4 103.4 105.1
2011-06 108.8 104.1 109.3 109.1
2011-05 110.0 103.1 104.9 107.9
2011-04 109.2 104.6 105.8 110.2
2011-03 106.9 106.4 106.2 110.0
2011-02 107.4 101.7 98.3 108.6
2011-01 109.2 103.8 104.8 105.3

Business climates in a sector-based approach

  • Legend: (C1): Manufacture of food products and beverages - (C3): Machinery and equipment goods - (C4): Manufacture of transport equipment - (C5): Other manufacturing.
  • Source: INSEE.

Business climates in a sector-based approach

Average = 100 and standard deviation = 10 since 1990
Business climates in a sector-based approach (Average = 100 and standard deviation = 10 since 1990)
NA* : (A17) and [A38 and A64] Weights** (%) Jun-25 Jul-25 Aug-25
(C1) Man. of food products and beverages 20 98 98 92
(C3) Machinery and equipment goods 11 101 99 96
          [CI] Computer, electronic and optical products 4 107 108 102
          [CJ] Electrical equipment 3 98 98 97
          [CK] Machinery and equipment 5 97 94 92
(C4) Man. of transport equipment 19 101 101 104
          [CL1] Motor vehicles, trailers and semi-trailers 9 97 98 98
          [CL2] Other transport equipment 10 104 102 106
(C5) Other manufacturing 45 94 94 94
          [CB] Textiles, clothing industries, leather and footwear industry 2 95 97 96
          [CC] Wood, paper, printing 4 96 96 95
          [CE] Chemicals and chemical products 8 91 92 91
          [CG] Rubber and plastic products 7 89 93 92
          [CH] Basic metals and fabricated metal products 11 92 92 93
          [CM] Other manufacturing industries / Manufacture of other industrial products 10 102 100 101
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sectors’ balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry.

Revisions

The business climate in manufacturing industry of July 2025 has not been revised (after rounding).

For further information

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 28 July 2025 and 19 August 2025; most companies answer during the first two weeks of collection.

Next issue: 19 September 2025 at 8:45 am.

Documentation

Methodology note (in french) (pdf,164 Ko)

Changes to business tendency surveys related to European harmonisation – October 2021 (pdf,181 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 28 July 2025 and 19 August 2025; most companies answer during the first two weeks of collection.

Next issue: 19 September 2025 at 8:45 am.

: bureau-de-presse@insee.fr

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