Informations Rapides · 23 October 2025 · n° 256

In October 2025, the business climate in services has retreated Monthly survey of services - October 2025

According to the business managers surveyed in October 2025, the business climate in services has retreated. At 96, the indicator that synthesizes it has lost two points and has reached its level of summer 2025, well below its long-term average (100).

In October 2025, the business managers in services are more pessimistic than in the previous month about their personal business outlook. The associated balances on the expected demand and on the expected activity have sharply fallen back, below their respective average. The balance on the past activity has retreated too, and has moved away from its average. Conversely, the business managers are more optimistic than in the previous month about the business outlook of their sector: the associated balance of opinion has rebounded and has almost reached its average.

Concerning the workforce size, the associated balances of opinion on their past and expected change have sharply rebounded, but remain below their average.

The balance on the economic uncertainty felt has sharply increased again: he has left its average and has reached its highest level since April 2023.

In October 2025, the share of business managers reporting difficulties in recruitment is virtually stable compared to the previous quarter, at its average.

Business managers are more numerous than in July to report only difficulties of demand or only difficulties of supply as obstacles preventing them from increasing their activity. The share of those reporting difficulties of demand and supply at the same time has decreased, and has moved below its average level.

The quarterly balance of opinion on the expected investment for the next three months has rebounded, but remain below its average for two years.

The quarterly balance on the cash position is stable, at its average level.

In information-communication, the business climate has retreated, partially erasing its September rebound, and has moved away from its long-term average. This decrease is mainly due to the sharp downturn in the forward-looking balances on the activity, on the demand and on the workforce size, which have moved away from their average.

In professional, scientific and technical activities, the business climate has darkened again, and remains below its average level for the twenty first month in a row. The balances on the past activity and on the past workforce size have sharply diminished. The latter has reached an unobserved level since 2012 (excluding health crises).

In administrative and support services, the business climate has slightly brightened, but remains below its average. The balances on the workforce size have sharply improved, whereas those on the expected demand and activity have slightly decreased.

The business climate in real estate activities has rebounded after five months of decrease, but remains below its long-term average. In particular, the balances on the past workforce size and on the expected activity have sharply risen.

In accommodation and food services, the business climate indicator has diminished for the third month in a row: it has lost one point and has moved away from its average. On the one hand, the balances of opinion on both expected activity and demand have sharply decreased, on the other hand, those on the workforce size, on the past activity and on the general business outlook have increased.

Finally, in road freight transport, the business climate has rebounded, but remains below its average. The balances on the expected activity, on the workforce size and on the business outlook for the sector have sharply increased.

The business climate indicator in services of September 2025 has not been revised (after rounding).