Informations Rapides ·
22 August 2025 · n° 204
In August 2025, the business climate is stable, but the employment climate has darkened
again Business indicator - August 2025
In August 2025, the synthetic indicator of business climate in France stands at 96, below its long term average (100) since July 2024. The business climate has sharply deteriorated in retail trade, has slightly diminished in services, is stable in manufacturing industry, and has brightened in building construction.
In August 2025, the business climate indicator is stable and remains gloomy
In August 2025, the synthetic indicator of business climate in France stands at 96, below its long term average (100) since July 2024. The business climate has sharply deteriorated in retail trade, has slightly diminished in services, is stable in manufacturing industry, and has brightened in building construction.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-08 | 95.8 |
| 2025-07 | 95.9 |
| 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 | 100.4 |
| 2024-02 | 99.0 |
| 2024-01 | 99.4 |
| 2023-12 | 98.9 |
| 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 | 103.0 |
| 2022-09 | 102.2 |
| 2022-08 | 104.2 |
| 2022-07 | 103.7 |
| 2022-06 | 104.9 |
| 2022-05 | 106.4 |
| 2022-04 | 107.1 |
| 2022-03 | 107.2 |
| 2022-02 | 114.0 |
| 2022-01 | 109.1 |
| 2021-12 | 110.8 |
| 2021-11 | 114.8 |
| 2021-10 | 114.3 |
| 2021-09 | 112.0 |
| 2021-08 | 111.0 |
| 2021-07 | 113.4 |
| 2021-06 | 115.2 |
| 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 | 106.7 |
| 2019-11 | 107.0 |
| 2019-10 | 107.0 |
| 2019-09 | 107.1 |
| 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 | 106.7 |
| 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 | 112.9 |
| 2017-12 | 113.5 |
| 2017-11 | 112.3 |
| 2017-10 | 111.1 |
| 2017-09 | 111.1 |
| 2017-08 | 110.8 |
| 2017-07 | 109.8 |
| 2017-06 | 108.8 |
| 2017-05 | 107.9 |
| 2017-04 | 107.5 |
| 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 | 103.6 |
| 2016-08 | 103.4 |
| 2016-07 | 103.9 |
| 2016-06 | 103.1 |
| 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 | 77.6 |
| 2009-05 | 74.0 |
| 2009-04 | 70.8 |
| 2009-03 | 69.2 |
| 2009-02 | 72.8 |
| 2009-01 | 74.6 |
| 2008-12 | 76.2 |
| 2008-11 | 79.2 |
| 2008-10 | 82.7 |
| 2008-09 | 92.4 |
| 2008-08 | 94.7 |
| 2008-07 | 96.0 |
| 2008-06 | 99.8 |
| 2008-05 | 103.3 |
| 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 | 110.1 |
| 2007-09 | 111.3 |
| 2007-08 | 112.0 |
| 2007-07 | 113.1 |
| 2007-06 | 113.9 |
| 2007-05 | 112.9 |
| 2007-04 | 112.7 |
| 2007-03 | 112.1 |
| 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 | 101.6 |
| 2005-07 | 101.7 |
| 2005-06 | 102.0 |
| 2005-05 | 100.9 |
| 2005-04 | 103.6 |
| 2005-03 | 104.5 |
| 2005-02 | 104.4 |
| 2005-01 | 103.9 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In August 2025, the business climate has deteriorated sharply in retail trade (including trade and repair of vehicles). At 92 the synthetic indicator has lost seven points (after rounding) and has moved away from its long-term average (100). This decrease is mainly the result of the strong decrease in the balances related to the ordering intentions and the general business outlook of the sector.
In services, the business climate has slightly retreated. At 95, the synthetic indicator has lost one point and has been standing below its long-term average (100) for fourteen months. Business managers are notably more pessimistic than in the previous month about their personal business outlook.
In manufacturing industry, the business climate is stable. At 96, the synthetic indicator stands 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.
Lastly, the business climate has brightened in building construction. At 98, the synthetic indicator has won two points but remains below its long-term average. Business managers are much more optimistic than in July about their future activity prospects. Moreover, they have reported an increase in their production capacity utilisation rate and their assessment on their order books level is slightly less negative than in July.
tableauBusiness and employment climates
| Apr. 25 | May 25 | June 25 | July 25 | Aug. 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 97 | 95 | 96 | 96 | 96 |
| Manufacturing industry | 100 | 97 | 97 | 96 | 96 |
| Building construction | 93 | 96 | 96 | 96 | 98 |
| Services | 99 | 95 | 96 | 96 | 95 |
| Retail trade* | 98 | 98 | 99 | 99 | 92 |
| Wholesale trade | 94 | 97 | |||
| Employment | 98 | 94 | 98 | 96 | 95 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has diminished again
In August 2025, the synthetic indicator of employment climate has lost one point. At 95, it stays below its long-term average (100) since July 2024. This new decrease is mainly due to a new drop in the balance on past workforce size in services (excluding temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-08 | 94.8 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.7 |
| 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 | 98.4 |
| 2024-07 | 97.2 |
| 2024-06 | 100.1 |
| 2024-05 | 101.7 |
| 2024-04 | 102.2 |
| 2024-03 | 100.9 |
| 2024-02 | 103.0 |
| 2024-01 | 99.5 |
| 2023-12 | 100.8 |
| 2023-11 | 99.8 |
| 2023-10 | 102.9 |
| 2023-09 | 104.0 |
| 2023-08 | 102.2 |
| 2023-07 | 106.3 |
| 2023-06 | 106.5 |
| 2023-05 | 106.9 |
| 2023-04 | 110.4 |
| 2023-03 | 109.7 |
| 2023-02 | 110.1 |
| 2023-01 | 111.3 |
| 2022-12 | 110.0 |
| 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 | 113.6 |
| 2022-02 | 114.3 |
| 2022-01 | 110.7 |
| 2021-12 | 110.3 |
| 2021-11 | 113.1 |
| 2021-10 | 112.5 |
| 2021-09 | 106.5 |
| 2021-08 | 108.2 |
| 2021-07 | 108.1 |
| 2021-06 | 106.6 |
| 2021-05 | 101.1 |
| 2021-04 | 91.9 |
| 2021-03 | 90.8 |
| 2021-02 | 83.9 |
| 2021-01 | 87.1 |
| 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 | 50.7 |
| 2020-04 | 42.1 |
| 2020-03 | 97.6 |
| 2020-02 | 105.7 |
| 2020-01 | 106.0 |
| 2019-12 | 107.5 |
| 2019-11 | 107.4 |
| 2019-10 | 107.1 |
| 2019-09 | 107.0 |
| 2019-08 | 107.9 |
| 2019-07 | 107.2 |
| 2019-06 | 108.1 |
| 2019-05 | 106.2 |
| 2019-04 | 108.7 |
| 2019-03 | 108.4 |
| 2019-02 | 108.2 |
| 2019-01 | 106.5 |
| 2018-12 | 105.3 |
| 2018-11 | 104.8 |
| 2018-10 | 107.4 |
| 2018-09 | 107.1 |
| 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 | 108.5 |
| 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 | 104.4 |
| 2017-01 | 105.6 |
| 2016-12 | 106.3 |
| 2016-11 | 105.4 |
| 2016-10 | 104.7 |
| 2016-09 | 105.0 |
| 2016-08 | 102.4 |
| 2016-07 | 104.6 |
| 2016-06 | 100.9 |
| 2016-05 | 101.5 |
| 2016-04 | 99.5 |
| 2016-03 | 99.2 |
| 2016-02 | 100.4 |
| 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 | 93.6 |
| 2014-10 | 93.5 |
| 2014-09 | 93.7 |
| 2014-08 | 93.5 |
| 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 | 93.7 |
| 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 | 85.1 |
| 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 | 91.2 |
| 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 | 111.1 |
| 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 | 79.0 |
| 2009-01 | 80.9 |
| 2008-12 | 84.0 |
| 2008-11 | 88.5 |
| 2008-10 | 95.7 |
| 2008-09 | 100.1 |
| 2008-08 | 101.3 |
| 2008-07 | 106.6 |
| 2008-06 | 104.5 |
| 2008-05 | 108.6 |
| 2008-04 | 113.0 |
| 2008-03 | 112.8 |
| 2008-02 | 114.3 |
| 2008-01 | 114.5 |
| 2007-12 | 114.6 |
| 2007-11 | 113.7 |
| 2007-10 | 112.3 |
| 2007-09 | 114.0 |
| 2007-08 | 113.4 |
| 2007-07 | 111.6 |
| 2007-06 | 113.5 |
| 2007-05 | 114.5 |
| 2007-04 | 111.9 |
| 2007-03 | 111.4 |
| 2007-02 | 112.1 |
| 2007-01 | 109.7 |
| 2006-12 | 112.0 |
| 2006-11 | 111.2 |
| 2006-10 | 109.8 |
| 2006-09 | 108.7 |
| 2006-08 | 109.9 |
| 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 | 105.0 |
| 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 | 103.2 |
| 2005-01 | 103.1 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The indicator of the business climate in retail for July 2025 has been revised upwards by one point (after rounding). Conversely, the employment climate has been revised downwards by one point. These revisions are 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 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 28 July and 19 August 2025; most companies answer during the first two weeks of collection.
Next issue: 19 September 2025 at 08:45 am.
Documentation
Methodology Note (in french) (pdf,151 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 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 28 July and 19 August 2025; most companies answer during the first two weeks of collection.
Next issue: 19 September 2025 at 08:45 am.