Informations Rapides ·
19 September 2025 · n° 236
In September 2025, the business climate in services has brightened, after three months
of stability Monthly survey of services - September 2025
According to the business managers surveyed in September 2025, the business climate in services has brightened, after three months of stability. At 98, the indicator that synthesises it has won two points, and has moved closer to its long-term average (100). The business climate in information-communication has sharply rebounded, whereas it has decreased in other sectors.
According to the business managers surveyed in September 2025, the business climate in services has brightened, after three months of stability. At 98, the indicator that synthesises it has won two points, and has moved closer to its long-term average (100). The business climate in information-communication has sharply rebounded, whereas it has decreased in other sectors.
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-09 | 97.8 |
| 2025-08 | 95.8 |
| 2025-07 | 96.3 |
| 2025-06 | 95.5 |
| 2025-05 | 95.0 |
| 2025-04 | 99.2 |
| 2025-03 | 97.4 |
| 2025-02 | 97.5 |
| 2025-01 | 96.2 |
| 2024-12 | 96.4 |
| 2024-11 | 97.8 |
| 2024-10 | 99.9 |
| 2024-09 | 98.3 |
| 2024-08 | 97.5 |
| 2024-07 | 96.0 |
| 2024-06 | 101.6 |
| 2024-05 | 102.8 |
| 2024-04 | 101.2 |
| 2024-03 | 102.6 |
| 2024-02 | 100.0 |
| 2024-01 | 101.6 |
| 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 | 103.9 |
| 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 | 106.2 |
| 2022-06 | 107.5 |
| 2022-05 | 109.2 |
| 2022-04 | 109.6 |
| 2022-03 | 108.5 |
| 2022-02 | 112.5 |
| 2022-01 | 106.0 |
| 2021-12 | 108.5 |
| 2021-11 | 114.4 |
| 2021-10 | 113.8 |
| 2021-09 | 110.3 |
| 2021-08 | 108.6 |
| 2021-07 | 111.1 |
| 2021-06 | 112.5 |
| 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 | 76.7 |
| 2020-05 | 48.8 |
| 2020-04 | 37.9 |
| 2020-03 | 91.9 |
| 2020-02 | 105.5 |
| 2020-01 | 106.4 |
| 2019-12 | 106.7 |
| 2019-11 | 106.2 |
| 2019-10 | 106.0 |
| 2019-09 | 105.9 |
| 2019-08 | 105.3 |
| 2019-07 | 105.4 |
| 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 | 102.7 |
| 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 | 104.4 |
| 2017-06 | 103.7 |
| 2017-05 | 103.4 |
| 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 | 91.2 |
| 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 | 93.0 |
| 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 | 85.6 |
| 2013-05 | 84.4 |
| 2013-04 | 82.9 |
| 2013-03 | 83.8 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 86.8 |
| 2012-11 | 85.2 |
| 2012-10 | 85.8 |
| 2012-09 | 87.0 |
| 2012-08 | 87.1 |
| 2012-07 | 89.3 |
| 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 | 94.4 |
| 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 | 83.8 |
| 2009-07 | 81.3 |
| 2009-06 | 77.3 |
| 2009-05 | 72.5 |
| 2009-04 | 68.2 |
| 2009-03 | 67.9 |
| 2009-02 | 73.1 |
| 2009-01 | 74.3 |
| 2008-12 | 77.0 |
| 2008-11 | 80.0 |
| 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 | 112.8 |
| 2007-01 | 111.2 |
| 2006-12 | 111.7 |
| 2006-11 | 113.5 |
| 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 | 108.6 |
| 2005-02 | 106.5 |
| 2005-01 | 106.7 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
The business managers in services are more optimistic than in the previous month about their personal business outlook
In September 2025, the business managers in services are more optimistic than in the previous month about their expected activity and demand: the balance of opinion on the expected demand has moved closer to its average, and the one on the expected activity has reached its own. The one on the past activity has sharply rebounded, after a significant decrease in the previous month, and stands just below its average level.
At the same time, business managers have anticipated a decrease in the activity for the sector: the balance of opinion in the general business outlook has retreated and has left its average.
The balance of opinion on the change in the expected workforce size has sharply fallen back and has moved away from its average, whereas the one on the past workforce size is virtually stable, well below its average.
The balance related to the past selling prices change is stable, whereas the one on their expected change has fallen back. Both remain above their average.
The balance on the economic uncertainty felt has rebounded.
tableauEconomic outlook in the services sector
| Average* | June 2025 | July 2025 | Aug. 2025 | Sept. 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 96 | 96 | 96 | 98 |
| General outlook | -7 | -7 | -9 | -7 | -10 |
| Past activity | 2 | -6 | -4 | -11 | 1 |
| Expected activity | 1 | -9 | -3 | -4 | 1 |
| Expected demand | 0 | -2 | -4 | -5 | -2 |
| Past selling prices | -3 | -2 | -4 | 1 | 1 |
| Expected selling prices | -2 | -1 | 1 | 3 | 1 |
| Past employment | 2 | -1 | -7 | -11 | -12 |
| Past employment except temporary work agencies | 0 | 0 | -6 | -10 | -11 |
| Expected employment | 2 | -7 | -7 | -2 | -8 |
| Expected employment except temporary work agencies | 0 | -4 | -5 | -5 | -6 |
| Economic uncertainty felt** | 12 | 9 | 12 | 7 | 12 |
- * 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.
In information-communication, the business climate has clearly brightened and has reached its average
In September 2025, the business climate indicator in information-communication has sharply brightened and has reached its long-term average, for the first time since April 2025. This sharp rebound is mainly due to the sharp improvement in the balances on the activity, past and expected, and on the expected demand, which have moved above their average.
In professional, scientific and technical activities, the business climate has darkened again and has moved away from its average. In particular, the balances on the general business outlook and on the activity, past and expected, have diminished and have moved away from their average.
In administrative and support services, the business climate indicator has fallen back after a sharp increase in the previous month, and has moved away from its long-term average. The forward-looking balances on the demand and on the workforce size, and the one on the general business outlook have sharply dropped back.
In real estate activities, the business climate is virtually stable, below its long-term average. The balances on the expected demand and activity have diminished, whereas those on the workforce size have rebounded.
In accommodation and food services, the business climate has slightly darkened and has left its average. The balances of opinion on the activity and on the one workforce size have decreased.
Finally, the business climate in road freight transport has darkened, moving further away from its average level. In particular, the balances of opinion on the expected demand and on the activity have deteriorated.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | June 2025 | July 2025 | Aug. 2025 | Sept. 2025 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 102 | 98 | 98 | 95 |
| General outlook | -19 | -18 | -20 | -20 | -22 |
| Past activity | -6 | -14 | -5 | 5 | 0 |
| Expected activity | -7 | -1 | -13 | -11 | -15 |
| Expected demand | -10 | -2 | -11 | -13 | -20 |
| Past employment | -6 | -18 | -6 | -17 | -11 |
| Expected employment | -7 | -3 | -10 | -16 | -15 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 99 | 103 | 100 | 99 |
| General outlook | -13 | -11 | -9 | -15 | -17 |
| Past activity | -7 | -1 | -7 | -5 | -14 |
| Expected activity | -8 | -16 | 1 | -4 | -10 |
| Expected demand | -9 | -10 | -8 | -13 | -9 |
| Past employment | -5 | 5 | 0 | -2 | -8 |
| Expected employment | -5 | -14 | -8 | 9 | -1 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 95 | 94 | 93 | 100 |
| General outlook | 0 | -3 | -6 | -1 | -2 |
| Past activity | 8 | -3 | -2 | -28 | 9 |
| Expected activity | 9 | -15 | -4 | -7 | 19 |
| Expected demand | 10 | 10 | 4 | -1 | 14 |
| Past employment | 6 | 6 | -5 | -3 | -13 |
| Expected employment | 10 | 3 | 2 | 2 | 6 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 101 | 99 | 95 | 94 |
| General outlook | -4 | -2 | -2 | -3 | -3 |
| Past activity | 6 | 4 | 5 | 1 | 1 |
| Expected activity | 6 | 7 | 11 | 3 | 0 |
| Expected demand | 1 | 2 | 1 | 2 | -5 |
| Past employment | 2 | 2 | -5 | -6 | -4 |
| Expected employment | 2 | 1 | -3 | -5 | -3 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 97 | 98 | 96 | 94 |
| General outlook | -8 | -7 | -10 | -9 | -13 |
| Past activity | -1 | -13 | -5 | -6 | -2 |
| Expected activity | -3 | -7 | -3 | -5 | -11 |
| Expected demand | -5 | -11 | -9 | -13 | -13 |
| Past employment | 0 | -1 | -4 | -6 | -4 |
| Expected employment | 1 | 0 | -2 | -10 | -9 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 91 | 91 | 98 | 94 |
| General outlook | -3 | -8 | -7 | -5 | -9 |
| Past activity | 5 | -9 | -9 | -2 | -3 |
| Expected activity | 4 | -9 | -7 | 0 | -2 |
| Expected demand | 3 | -8 | -8 | 5 | -3 |
| Past employment | 6 | -4 | -13 | -22 | -22 |
| Expected employment | 6 | -15 | -14 | -1 | -16 |
- 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 August 2025 has been revised upwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from businesses.
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 26 August and 16 September 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: 23 October 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 26 August and 16 September 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: 23 October 2025 at 8:45 am.