Informations Rapides ·
22 August 2025 · n° 208
In August 2025, the business climate in services has slightly decreased Monthly survey of services - August 2025
According to the business managers surveyed in August 2025, the business climate in services has slightly decreased. At 95, the indicator that synthesizes it has lost one point, and remains below its long-term average (100).
According to the business managers surveyed in August 2025, the business climate in services has slightly decreased. At 95, the indicator that synthesizes it has lost one point, and remains below its long-term average (100).
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-08 | 95.0 |
| 2025-07 | 96.3 |
| 2025-06 | 95.5 |
| 2025-05 | 95.0 |
| 2025-04 | 99.2 |
| 2025-03 | 97.3 |
| 2025-02 | 97.5 |
| 2025-01 | 96.2 |
| 2024-12 | 96.4 |
| 2024-11 | 97.8 |
| 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 | 101.2 |
| 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 | 101.6 |
| 2023-07 | 102.3 |
| 2023-06 | 102.3 |
| 2023-05 | 101.8 |
| 2023-04 | 104.4 |
| 2023-03 | 103.8 |
| 2023-02 | 105.5 |
| 2023-01 | 104.7 |
| 2022-12 | 104.3 |
| 2022-11 | 104.4 |
| 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 | 112.5 |
| 2022-01 | 106.0 |
| 2021-12 | 108.4 |
| 2021-11 | 114.4 |
| 2021-10 | 113.8 |
| 2021-09 | 110.3 |
| 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 | 76.1 |
| 2020-10 | 88.0 |
| 2020-09 | 93.5 |
| 2020-08 | 93.4 |
| 2020-07 | 88.6 |
| 2020-06 | 76.8 |
| 2020-05 | 48.8 |
| 2020-04 | 38.0 |
| 2020-03 | 91.9 |
| 2020-02 | 105.5 |
| 2020-01 | 106.3 |
| 2019-12 | 106.7 |
| 2019-11 | 106.2 |
| 2019-10 | 106.0 |
| 2019-09 | 105.9 |
| 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 | 104.8 |
| 2018-08 | 104.2 |
| 2018-07 | 104.9 |
| 2018-06 | 104.8 |
| 2018-05 | 104.8 |
| 2018-04 | 106.7 |
| 2018-03 | 107.4 |
| 2018-02 | 106.6 |
| 2018-01 | 107.6 |
| 2017-12 | 109.3 |
| 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 | 103.9 |
| 2017-03 | 103.5 |
| 2017-02 | 103.1 |
| 2017-01 | 101.8 |
| 2016-12 | 103.6 |
| 2016-11 | 100.9 |
| 2016-10 | 100.7 |
| 2016-09 | 100.7 |
| 2016-08 | 100.1 |
| 2016-07 | 100.3 |
| 2016-06 | 99.1 |
| 2016-05 | 100.7 |
| 2016-04 | 98.2 |
| 2016-03 | 99.5 |
| 2016-02 | 99.8 |
| 2016-01 | 100.1 |
| 2015-12 | 97.0 |
| 2015-11 | 99.2 |
| 2015-10 | 99.4 |
| 2015-09 | 97.5 |
| 2015-08 | 98.5 |
| 2015-07 | 97.4 |
| 2015-06 | 96.8 |
| 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 | 93.1 |
| 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 | 94.5 |
| 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 | 110.7 |
| 2011-02 | 109.4 |
| 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 | 99.4 |
| 2010-04 | 97.8 |
| 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 | 81.3 |
| 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 | 106.9 |
| 2008-03 | 108.7 |
| 2008-02 | 108.7 |
| 2008-01 | 110.7 |
| 2007-12 | 109.2 |
| 2007-11 | 110.4 |
| 2007-10 | 110.3 |
| 2007-09 | 111.7 |
| 2007-08 | 112.6 |
| 2007-07 | 113.5 |
| 2007-06 | 112.9 |
| 2007-05 | 113.1 |
| 2007-04 | 113.3 |
| 2007-03 | 113.7 |
| 2007-02 | 112.7 |
| 2007-01 | 111.1 |
| 2006-12 | 111.6 |
| 2006-11 | 113.4 |
| 2006-10 | 111.1 |
| 2006-09 | 111.0 |
| 2006-08 | 110.8 |
| 2006-07 | 110.7 |
| 2006-06 | 109.5 |
| 2006-05 | 110.9 |
| 2006-04 | 108.0 |
| 2006-03 | 107.8 |
| 2006-02 | 106.5 |
| 2006-01 | 109.2 |
| 2005-12 | 107.2 |
| 2005-11 | 106.8 |
| 2005-10 | 108.6 |
| 2005-09 | 107.2 |
| 2005-08 | 107.5 |
| 2005-07 | 107.9 |
| 2005-06 | 108.6 |
| 2005-05 | 106.4 |
| 2005-04 | 108.3 |
| 2005-03 | 108.5 |
| 2005-02 | 106.5 |
| 2005-01 | 106.6 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
Business managers are more pessimistic than in the previous month about their personal business outlook
In August 2025, the business managers in services are more pessimistic than in the previous month about their personal business outlook: the associated balance of opinion has retreated and remains below its average for the fourth month in a row. The balance on the expected demand has diminished again, still evolving below its average since October 2024. The balance of opinion on the past activity has strongly retreated and has moved further away from its average. The balance on the general business outlook for the sector is, for its part, virtually stable, near its average.
Concerning the workforce size, the associated balance of opinion on their past change has decreased again, whereas the one on their expected change has sharply recovered. Both remain below their respective average.
The balances related to the selling prices change, past as expected, have risen; both now stand above their average.
The balance on the economic uncertainty felt has retreated and has left its average.
tableauEconomic outlook in the services sector
| Average* | May 2025 | June 2025 | July 2025 | Aug. 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 95 | 96 | 96 | 95 |
| General outlook | -7 | -8 | -7 | -9 | -8 |
| Past activity | 2 | -10 | -6 | -4 | -11 |
| Expected activity | 1 | -5 | -9 | -3 | -5 |
| Expected demand | 0 | -4 | -2 | -4 | -6 |
| Past selling prices | -3 | -2 | -2 | -4 | 1 |
| Expected selling prices | -2 | -1 | -1 | 1 | 3 |
| Past employment | 2 | -4 | -1 | -7 | -10 |
| Past employment except temporary work agencies | 0 | -3 | 0 | -6 | -9 |
| Expected employment | 2 | -12 | -7 | -7 | -2 |
| Expected employment except temporary work agencies | 0 | -9 | -4 | -5 | -5 |
| Economic uncertainty felt** | 12 | 12 | 9 | 12 | 9 |
- * 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.
The business climate in information-communication has reached its lowest level since July 2015 (excluding health crisis)
In August 2025, the business climate in information-communication has deteriorated again and has reached its lowest level since July 2015 (excluding health crisis). In particular, the balance on the past activity has deteriorated very strongly, and has moved further away from its average. To a lesser extent, the forward-looking balances on the activity and demand have also diminished.
In professional, scientific and technical activities, the business climate indicator has retreated and has moved away from its average level. The forward-looking balances on the demand, activity and workforce size have diminished.
In administrative and support services, the business climate has sharply brightened and has nearly reached its average. All balances have significantly recovered excluding the one on the past workforce size, which has strongly fallen.
In real estate activities, the business climate has deteriorated for the fourth month in a row, and has moved further away from its long-term average. The balances on the activity and on the workforce size have sharply decreased, whereas the one on the expected demand has increased.
In accommodation and food services, the business climate indicator has sharply retreated and has moved below its long term average. In particular, the balances on the expected demand and on the general business outlook have clearly retreated, and have moved below their average.
Finally, the business climate in road freight transport is virtually stable, below its average level. The rise in the balance of opinion on the past activity is compensated by the decrease in the ones on the workforce size.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | May 2025 | June 2025 | July 2025 | Aug. 2025 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 100 | 102 | 98 | 97 |
| General outlook | -19 | -17 | -18 | -20 | -20 |
| Past activity | -6 | -11 | -14 | -5 | 4 |
| Expected activity | -7 | -6 | -1 | -13 | -12 |
| Expected demand | -10 | -6 | -2 | -11 | -14 |
| Past employment | -6 | -18 | -18 | -6 | -17 |
| Expected employment | -7 | -11 | -3 | -10 | -16 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 95 | 99 | 103 | 99 |
| General outlook | -13 | -9 | -11 | -9 | -16 |
| Past activity | -7 | -18 | -1 | -7 | -8 |
| Expected activity | -8 | -19 | -16 | 1 | -4 |
| Expected demand | -9 | -23 | -10 | -8 | -21 |
| Past employment | -5 | -10 | 5 | 0 | 1 |
| Expected employment | -5 | -19 | -14 | -8 | 6 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 95 | 95 | 94 | 92 |
| General outlook | 0 | -5 | -3 | -6 | -2 |
| Past activity | 8 | -15 | -3 | -2 | -30 |
| Expected activity | 9 | 2 | -15 | -4 | -9 |
| Expected demand | 10 | 9 | 10 | 4 | -3 |
| Past employment | 6 | 0 | 6 | -5 | -3 |
| Expected employment | 10 | 3 | 3 | 2 | 1 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 104 | 101 | 99 | 96 |
| General outlook | -4 | 0 | -2 | -2 | -3 |
| Past activity | 6 | 7 | 4 | 5 | 2 |
| Expected activity | 6 | 10 | 7 | 11 | 3 |
| Expected demand | 1 | 7 | 2 | 1 | 4 |
| Past employment | 2 | 3 | 2 | -5 | -7 |
| Expected employment | 3 | 1 | 1 | -3 | -6 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 95 | 97 | 98 | 95 |
| General outlook | -8 | -11 | -7 | -10 | -9 |
| Past activity | -1 | -9 | -13 | -5 | -8 |
| Expected activity | -3 | -11 | -7 | -3 | -7 |
| Expected demand | -5 | -12 | -11 | -9 | -13 |
| Past employment | 0 | 0 | -1 | -4 | -6 |
| Expected employment | 1 | -6 | 0 | -2 | -11 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 88 | 91 | 91 | 99 |
| General outlook | -3 | -9 | -8 | -7 | -4 |
| Past activity | 5 | -11 | -9 | -9 | -1 |
| Expected activity | 4 | -12 | -9 | -7 | 1 |
| Expected demand | 3 | -13 | -8 | -8 | 5 |
| Past employment | 6 | -5 | -4 | -13 | -21 |
| Expected employment | 6 | -23 | -15 | -14 | 1 |
- 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 July 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 28 July and 19 August 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: 19 September 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 28 July and 19 August 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: 19 September 2025 at 8:45 am.