Informations Rapides · 19 September 2025 · n° 233
In September 2025, the business climate in manufacturing industry has fallen back slightly Monthly business survey (goods-producing industries) - September 2025

In September 2025, the business climate in manufacturing industry has fallen back slightly. At 96, the synthetic indicator has lost one point and remains 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 sharply.

Informations rapides

N^o 233

Paru le :Paru le19/09/2025

Prochaine parution le : 23/10/2025 at 08:45 - October 2025

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The balance of opinion relating to past production has fallen back
The business climate has darkened in the manufacturing of transport equipment, but has brightened in the manufacturing of food products and beverages and in machinery and equipment goods
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tableauBusiness climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
	Business climate in manufacturing - Composite indicator
2025-09	96.4
2025-08	97.1
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	106.1
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	103.0
2019-12	99.1
2019-11	102.4
2019-10	99.7
2019-09	101.9
2019-08	102.2
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	108.8
2018-07	108.7
2018-06	109.9
2018-05	110.4
2018-04	111.2
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	106.1
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	102.8
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	97.8
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	71.5
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	111.8
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	108.9
2006-07	109.3
2006-06	108.9
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

graphiqueBusiness climate in manufacturing - Composite indicator

tableauIndustrialists’ opinion on manufacturing industry

Balance of opinion, in %, SA

Industrialists’ opinion on manufacturing industry (Balance of opinion, in %, SA)
Manufacturing industry	Ave.*	Jun-25	Jul-25	Aug-25	Sep-25
Business climate	100	97	96	97	96
Past production	4	2	-2	-1	-8
Finished-goods inventory	12	15	16	11	16
Overall order books	-18	-22	-20	-20	-23
Foreign order books	-14	-16	-18	-15	-17
Past workforce size	-8	-2	-2	-2	-4
Expected workforce size	-9	-2	-3	-2	-1
Personal production prospects	6	-3	-4	-4	8
General production prospects	-7	-12	-12	-12	-14
Expected trend in selling prices	4	5	5	3	2
Economic uncertainty felt**	29	28	31	27	31

* 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.

The balance of opinion relating to past production has fallen back

In September 2025, the balance of opinion on past production has fallen back and has moved away from its average. Conversely, the one relating to personal production prospects has increased anew and has gone back above its own. The balance of opinion associated with general production prospects in the industry has decreased after three months of stability and has deviated from its average. As for the balance of opinion on economic uncertainty felt by business leaders, it has rebounded and gone back above its own.

The balances of opinion associated with the level of order books, both global and foreign, have decreased and have moved away from their respective average.

The balance of opinion on the current level of finished-goods inventories has rebounded and has returned above its average.

The balance of opinion on the past evolution of workforce size has decreased after three months of stability. The one on the expected evolution of workforce size has slightly increased again. Both are above their average.

The balance of opinion relating to the expected trend in selling prices over the next three months has decreased again, remaining just below its average.

The share of companies reporting being limited in their production by workforce shortage has fallen back slightly, but remains above its average. The share of those reporting sourcing difficulties as a limiting factor to their production has slightly rebounded and has reached its own. Overall, the proportion of companies declaring supply-side obstacles only has increased: at 24%, it has gone back above its average. The share of companies reporting obstacles linked to demand only has also increased: at 29%, it remains well below its long-term average. Finally, the share of companies reporting both supply and demand-side obstacles has diminished and returned just below its average.

tableauShare 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.**	Jun-25	Jul-25	Aug-25	Sep-25
Difficulties of supply and demand	9	11	11	12	8
Sourcing difficulties	11	10	13	10	11
Workforce shortage	9	10	9	12	11
Difficulties of supply only	22	24	22	20	24
Difficulties of demand only	39	25	26	24	29

* 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 has darkened in the manufacturing of transport equipment, but has brightened in the manufacturing of food products and beverages and in machinery and equipment goods

In September 2025, the business climate indicator in the manufacturing of food products and beverages has rebounded sharply. At 97, it remains nevertheless below its long-term average (100). This increase is mainly due to the rebound 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 rebounded and has returned above its long-term average (100). It has resumed its growth across all of its sub-sectors, but more particularly in the manufacturing of computer, electronic and optical products and in electrical equipment. Both in the sector as a whole and across all of its three sub-sectors, the balances of opinion on order books, both global and foreign, have improved.

In the manufacturing of transport equipment, the business climate indicator has fallen back and has returned below its long-term average (100). It has fallen back both in the sector of motor vehicles, trailers and semi-trailers deviating from its average, and in “other transport equipment”, remaining above its own. For both sub-sectors, balances of opinion on order books, global and foreign, have mainly contributed to this fallback.

Finally, the business climate indicator in “other manufacturing” is stable. At 95, the indicator is well below its long-term average (100). The balance of opinion on past production has decreased again and has reached its lowest level since April 2013 (excluding COVID-19 pandemic), while the one relating to personal production prospects has rebounded.

Graphique
Tableau

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tableauBusiness climates in a sector-based approach

Business climates in a sector-based approach
	(C1)	(C3)	(C4)	(C5)
2025-09	96.9	100.9	99.2	94.7
2025-08	92.9	97.6	103.7	95.5
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	97.8	95.9	101.8	95.1
2025-01	96.7	95.1	98.9	94.6
2024-12	97.5	96.7	107.8	92.8
2024-11	96.5	97.0	100.8	93.5
2024-10	95.5	96.3	96.1	93.3
2024-09	94.7	98.1	109.9	93.3
2024-08	96.5	96.1	111.0	95.2
2024-07	92.0	97.5	101.3	94.7
2024-06	92.9	98.7	110.6	95.5
2024-05	90.5	98.9	109.6	97.3
2024-04	91.8	96.8	111.6	96.1
2024-03	91.2	102.1	113.0	96.9
2024-02	87.2	98.3	111.6	96.8
2024-01	86.6	99.9	112.9	94.2
2023-12	85.8	98.7	109.3	94.9
2023-11	85.3	104.0	110.0	93.8
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	114.4	104.5	96.2
2022-09	107.0	111.6	98.2	98.2
2022-08	107.1	113.4	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	108.5
2022-02	111.0	114.8	105.0	112.0
2022-01	112.5	116.7	104.9	110.9
2021-12	117.6	116.4	88.3	112.0
2021-11	115.2	116.9	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	120.0	91.9	113.6
2021-07	114.1	115.0	92.0	115.4
2021-06	117.6	115.1	90.3	111.2
2021-05	116.3	111.9	89.9	111.2
2021-04	105.4	112.7	88.8	107.9
2021-03	100.9	106.2	83.3	104.5
2021-02	94.5	104.9	89.9	101.6
2021-01	91.8	103.6	87.5	100.6
2020-12	90.5	94.7	86.7	101.5
2020-11	92.8	91.1	89.2	94.6
2020-10	94.9	92.9	90.7	94.9
2020-09	102.4	90.1	91.1	92.5
2020-08	96.4	89.8	90.2	88.0
2020-07	88.0	84.7	79.3	81.4
2020-06	91.8	78.5	76.2	78.5
2020-05	91.6	76.8	75.5	74.3
2020-04	93.1	76.6	73.5	73.0
2020-03	108.6	98.3	95.7	97.5
2020-02	107.9	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	99.9	101.5	101.7
2019-08	108.4	99.3	101.3	102.2
2019-07	103.0	102.8	99.4	100.8
2019-06	109.5	98.2	100.8	101.1
2019-05	111.1	104.3	102.7	102.9
2019-04	106.9	101.0	101.9	101.2
2019-03	108.0	100.5	103.1	101.8
2019-02	108.1	104.3	100.4	101.3
2019-01	108.1	102.8	102.6	102.1
2018-12	109.0	102.3	101.9	102.4
2018-11	108.8	102.2	104.0	102.7
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	108.2
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	112.8	111.3
2017-12	112.0	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	108.6	106.1	108.4	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	105.5	103.6	106.1	106.4
2017-01	103.8	101.9	106.3	105.7
2016-12	108.8	103.2	104.5	105.1
2016-11	108.1	99.5	101.7	101.6
2016-10	106.9	97.3	105.9	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	97.1	105.7	104.0
2016-04	106.3	100.0	109.3	101.4
2016-03	101.8	99.2	105.8	101.3
2016-02	100.4	100.9	109.4	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	107.8	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	108.7	98.4	105.0	103.0
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	91.9	99.8	99.9
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	88.9	98.2	99.2
2014-06	95.7	91.6	97.3	98.6
2014-05	98.3	93.6	97.2	99.6
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	91.8	99.1	99.2
2013-11	98.3	92.0	102.1	98.8
2013-10	95.6	90.0	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	89.1	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	93.1	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	90.1	95.2	93.5
2012-07	94.6	90.8	95.7	92.2
2012-06	95.1	90.8	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	100.0	94.5
2011-11	102.3	96.0	102.8	94.2
2011-10	104.6	98.3	100.2	96.4
2011-09	102.1	99.5	98.2	98.2
2011-08	103.8	100.3	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	110.3
2011-03	106.9	106.4	106.2	110.0
2011-02	107.4	101.7	98.3	108.7
2011-01	109.2	103.8	104.8	105.4

graphiqueBusiness climates in a sector-based approach

tableauBusiness 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** (%)	Jul-25	Aug-25	Sep-25
(C1) Man. of food products and beverages	20	98	93	97
(C3) Machinery and equipment goods	11	99	98	101
[CI] Computer, electronic and optical products	4	108	105	109
[CJ] Electrical equipment	3	98	97	100
[CK] Machinery and equipment	5	94	93	94
(C4) Man. of transport equipment	19	101	104	99
[CL1] Motor vehicles, trailers and semi-trailers	9	98	99	95
[CL2] Other transport equipment	10	102	105	102
(C5) Other manufacturing	45	94	95	95
[CB] Textiles, clothing industries, leather and footwear industry	2	97	102	100
[CC] Wood, paper, printing	4	96	95	95
[CE] Chemicals and chemical products	8	92	92	91
[CG] Rubber and plastic products	7	93	92	93
[CH] Basic metals and fabricated metal products	11	92	95	92
[CM] Other manufacturing industries / Manufacture of other industrial products	10	100	102	102

* 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 August 2025 has been revised upwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from companies.

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 26 August 2025 and 16 September 2025; most companies answer during the first two weeks of collection.

Next issue: 23 October 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

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 26 August 2025 and 16 September 2025; most companies answer during the first two weeks of collection.

Next issue: 23 October 2025 at 8:45 am.

: bureau-de-presse@insee.fr

Publication calendar

Time series : Industry - Activity and demand

Insee Blog (in french): Les enquêtes de conjoncture se valent-elles toutes ?

Ouvrir dans un nouvel ongletThe Joint Harmonised EU Programme of Business and Consumer Surveys (BCS)