Informations Rapides ·
19 September 2025 · n° 231
In September 2025, the business climate remains stable, but the employment climate
has diminished again Business indicator - September 2025
In September 2025, the synthetic indicator of business climate in France stands at 96 for the fourth month in a row, below its long term average (100) since August 2024. The business climate has brightened in services and wholesale trade, is virtually stable in building construction, and has darkened in manufacturing industry and retail trade.
In September 2025, the business climate indicator remains stable and gloomy
In September 2025, the synthetic indicator of business climate in France stands at 96 for the fourth month in a row, below its long term average (100) since August 2024. The business climate has brightened in services and wholesale trade, is virtually stable in building construction, and has darkened in manufacturing industry and retail trade.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-09 | 95.9 |
| 2025-08 | 96.2 |
| 2025-07 | 95.8 |
| 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 | 98.8 |
| 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 | 107.3 |
| 2022-02 | 114.0 |
| 2022-01 | 109.1 |
| 2021-12 | 110.8 |
| 2021-11 | 114.8 |
| 2021-10 | 114.4 |
| 2021-09 | 112.1 |
| 2021-08 | 111.0 |
| 2021-07 | 113.4 |
| 2021-06 | 115.2 |
| 2021-05 | 111.0 |
| 2021-04 | 97.3 |
| 2021-03 | 98.3 |
| 2021-02 | 91.2 |
| 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 | 45.8 |
| 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 | 107.6 |
| 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 | 107.9 |
| 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 | 111.2 |
| 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 | 103.2 |
| 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 | 93.8 |
| 2014-10 | 91.9 |
| 2014-09 | 92.0 |
| 2014-08 | 93.0 |
| 2014-07 | 94.5 |
| 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 | 109.9 |
| 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 | 92.3 |
| 2009-12 | 90.7 |
| 2009-11 | 90.6 |
| 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 | 69.1 |
| 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 | 96.1 |
| 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 | 113.0 |
| 2007-04 | 112.7 |
| 2007-03 | 112.1 |
| 2007-02 | 111.7 |
| 2007-01 | 109.9 |
| 2006-12 | 109.8 |
| 2006-11 | 111.5 |
| 2006-10 | 109.7 |
| 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 | 104.5 |
| 2006-02 | 104.0 |
| 2006-01 | 106.4 |
| 2005-12 | 105.0 |
| 2005-11 | 103.2 |
| 2005-10 | 103.9 |
| 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 September 2025, the business climate in services has brightened, after three months of stability. At 98, the synthetic indicator has gained two points and has come closer to its long-term average (100). The business climate has rebounded sharply in information and communication, whereas it has diminished in every other sector.
In wholesale trade, the bimonthly business climate has improved again. At 98, the composite indicator has gained one point. At its highest level since March 2023, it nevertheless stands below its long term average (100). The balances of opinion on received merchandise from abroad and on ordering intentions have recovered again.
The business climate is virtually stable in building construction. At 98, the synthetic indicator has gained one point (after rounding) below its long-term average. Business managers' opinion on their past activity has improved since August, but they are a little more pessimistic about their future activity.
In manufacturing industry, the business climate has fallen back a little. At 96, the synthetic indicator has lost one point (after rounding) and stands below its long term average (100). The balance of opinion relating to the evolution of past production and the ones on the level of order books have fallen back, while the one associated with personal production prospects has recovered.
Lastly, the business climate has deteriorated again in retail trade (including trade and repair of vehicles). At 92 the synthetic indicator has lost one point and has reached its lowest level since April 2022. This slight decrease is mainly due to the degradation in the balances related to past sales and general business outlook of the sector. The business climate has deteriorated again sharply in retail trade (excluding motor vehicles), while it has rebounded in trade and repair of motor vehicles.
tableauBusiness and employment climates
| May 25 | June 25 | July 25 | Aug. 25 | Sep. 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 96 | 96 | 96 | 96 | 96 |
| Manufacturing industry | 97 | 97 | 96 | 97 | 96 |
| Building construction | 96 | 96 | 96 | 97 | 98 |
| Services | 95 | 96 | 96 | 96 | 98 |
| Retail trade* | 98 | 99 | 99 | 93 | 92 |
| Wholesale trade | 94 | 97 | 98 | ||
| Employment | 94 | 98 | 96 | 95 | 93 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has diminished for the third month in a row
In September 2025, the synthetic indicator of employment climate has lost two points. At 93, it stays below its long-term average (100) since July 2024 and has reached its lowest level since January 2015 (excluding the health crisis). This further decrease is mainly due to the fall in the balance on future workforce size in services.
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-09 | 93.2 |
| 2025-08 | 94.8 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.7 |
| 2025-04 | 97.8 |
| 2025-03 | 96.5 |
| 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 | 100.9 |
| 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 | 107.0 |
| 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 | 109.4 |
| 2022-09 | 108.4 |
| 2022-08 | 109.4 |
| 2022-07 | 111.2 |
| 2022-06 | 109.2 |
| 2022-05 | 111.1 |
| 2022-04 | 112.5 |
| 2022-03 | 113.6 |
| 2022-02 | 114.4 |
| 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 | 101.2 |
| 2021-04 | 92.0 |
| 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 | 91.6 |
| 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 | 105.8 |
| 2020-01 | 106.0 |
| 2019-12 | 107.5 |
| 2019-11 | 107.4 |
| 2019-10 | 107.2 |
| 2019-09 | 107.1 |
| 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 | 104.9 |
| 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 | 110.2 |
| 2018-03 | 110.7 |
| 2018-02 | 109.4 |
| 2018-01 | 109.4 |
| 2017-12 | 108.5 |
| 2017-11 | 107.2 |
| 2017-10 | 108.0 |
| 2017-09 | 106.4 |
| 2017-08 | 106.0 |
| 2017-07 | 106.6 |
| 2017-06 | 107.4 |
| 2017-05 | 107.6 |
| 2017-04 | 107.1 |
| 2017-03 | 107.5 |
| 2017-02 | 104.4 |
| 2017-01 | 105.7 |
| 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 | 101.6 |
| 2016-04 | 99.5 |
| 2016-03 | 99.2 |
| 2016-02 | 100.4 |
| 2016-01 | 101.2 |
| 2015-12 | 100.4 |
| 2015-11 | 101.3 |
| 2015-10 | 99.4 |
| 2015-09 | 99.5 |
| 2015-08 | 100.0 |
| 2015-07 | 99.1 |
| 2015-06 | 98.7 |
| 2015-05 | 96.7 |
| 2015-04 | 96.6 |
| 2015-03 | 94.5 |
| 2015-02 | 95.1 |
| 2015-01 | 93.1 |
| 2014-12 | 94.1 |
| 2014-11 | 93.6 |
| 2014-10 | 93.6 |
| 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 | 93.6 |
| 2014-01 | 94.0 |
| 2013-12 | 93.7 |
| 2013-11 | 92.8 |
| 2013-10 | 93.6 |
| 2013-09 | 91.1 |
| 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 | 91.8 |
| 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 | 94.6 |
| 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 | 103.6 |
| 2011-08 | 105.1 |
| 2011-07 | 109.6 |
| 2011-06 | 111.0 |
| 2011-05 | 111.1 |
| 2011-04 | 108.9 |
| 2011-03 | 109.0 |
| 2011-02 | 110.4 |
| 2011-01 | 102.8 |
| 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 | 100.2 |
| 2008-08 | 101.3 |
| 2008-07 | 106.7 |
| 2008-06 | 104.5 |
| 2008-05 | 108.7 |
| 2008-04 | 113.0 |
| 2008-03 | 112.8 |
| 2008-02 | 114.3 |
| 2008-01 | 114.5 |
| 2007-12 | 114.6 |
| 2007-11 | 113.8 |
| 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 | 110.5 |
| 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 | 104.1 |
| 2005-08 | 104.0 |
| 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 indicators of the business climate in manufacturing industry, in services and in retail for August 2025 have been revised upwards by one point (after rounding). Conversely, the business climate in building construction 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 26 August and 16 September 2025; most companies answer during the first two weeks of collection.
Next issue: 23 October 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 26 August and 16 September 2025; most companies answer during the first two weeks of collection.
Next issue: 23 October 2025 at 08:45 am.