Informations Rapides ·
23 October 2025 · n° 261
In October 2025, the business climate and the employment have brightened a little Business indicator - October 2025
In October 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has gained one point after five months of stability; the one of employment climate has gained three points and is back to its July level.
In October 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has gained one point after five months of stability; the one of employment climate has gained three points and is back to its July level.
In October 2025, the business climate indicator has gained one point
In October 2025, the synthetic indicator of business climate in France has gained one point. At 97, it nevertheless stands below its long term average (100) since July 2024. The business climate has clearly brightened in manufacturing industry and retail trade but has darkened in services and building construction.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-10 | 96.7 |
| 2025-09 | 95.8 |
| 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 | 99.9 |
| 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 | 103.0 |
| 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 | 114.1 |
| 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 | 113.5 |
| 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 | 78.0 |
| 2020-10 | 90.5 |
| 2020-09 | 93.8 |
| 2020-08 | 94.5 |
| 2020-07 | 90.9 |
| 2020-06 | 84.5 |
| 2020-05 | 58.7 |
| 2020-04 | 45.8 |
| 2020-03 | 93.8 |
| 2020-02 | 106.1 |
| 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 | 107.2 |
| 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 | 111.8 |
| 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 | 94.0 |
| 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 | 95.4 |
| 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 | 108.0 |
| 2011-05 | 108.2 |
| 2011-04 | 109.0 |
| 2011-03 | 109.9 |
| 2011-02 | 109.3 |
| 2011-01 | 108.1 |
| 2010-12 | 107.2 |
| 2010-11 | 105.6 |
| 2010-10 | 104.8 |
| 2010-09 | 102.9 |
| 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 | 72.7 |
| 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 | 111.4 |
| 2007-08 | 112.1 |
| 2007-07 | 113.2 |
| 2007-06 | 114.0 |
| 2007-05 | 113.0 |
| 2007-04 | 112.7 |
| 2007-03 | 112.1 |
| 2007-02 | 111.7 |
| 2007-01 | 109.9 |
| 2006-12 | 109.9 |
| 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 | 105.1 |
| 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 October 2025, the business climate in manufacturing industry has strongly rebounded, mainly in the manufacturing of other transport equipment. At 101, the synthetic indicator has gained four points and has slightly exceeded its long-term average (100). The balance of opinion relating to personal production prospects has increased again sharply, and the ones on the level of order books have rebounded. The business climate in the manufacturing of other transport equipment has increased by fifteen points.
The business climate has rebounded, also very sharply, in retail trade (including trade and repair of vehicles). At 99 the synthetic indicator has gained seven points and has almost reached back its long term average (100). This improvement is due to a strong increase in the balance related to ordering intentions, and to a lesser extent, to the rebound in the balance on general business outlook of the sector. This upturn in the business climate is particularly strong in trade and repair of motor vehicles.
In services, the business climate has fallen back. At 96, the synthetic indicator has lost two points and has reached back its level from summer 2025, clearly below its long term average (100). The balances of opinion related to both expected activity and demand have clearly diminished.
Lastly, the business climate has also fallen back in building construction. At 96, the synthetic indicator has lost two points and has moved away from its long-term average (100). Business managers' opinion on both their past and future activity, and the level of their ordering books have deteriorated.
tableauBusiness and employment climates
| June 25 | July 25 | Aug. 25 | Sep. 25 | Oct. 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 96 | 96 | 96 | 96 | 97 |
| Manufacturing industry | 97 | 96 | 97 | 97 | 101 |
| Building construction | 96 | 96 | 97 | 98 | 96 |
| Services | 96 | 96 | 96 | 98 | 96 |
| Retail trade* | 99 | 99 | 93 | 92 | 99 |
| Wholesale trade | 97 | 98 | |||
| Employment | 98 | 96 | 95 | 93 | 96 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has rebounded but remains gloomy
In October 2025, the synthetic indicator of employment climate has won three points. At 96, it nevertheless stays below its long-term average (100) since July 2024. This upturn is mainly due to the rebound in the balance on future workforce size in services (excluding temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-10 | 95.5 |
| 2025-09 | 93.4 |
| 2025-08 | 94.8 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.6 |
| 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 | 97.5 |
| 2024-09 | 98.6 |
| 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 | 103.1 |
| 2023-09 | 104.1 |
| 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 | 110.2 |
| 2023-01 | 111.3 |
| 2022-12 | 110.0 |
| 2022-11 | 108.8 |
| 2022-10 | 109.5 |
| 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 | 112.6 |
| 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 | 89.5 |
| 2020-09 | 91.6 |
| 2020-08 | 88.8 |
| 2020-07 | 79.0 |
| 2020-06 | 68.4 |
| 2020-05 | 50.7 |
| 2020-04 | 42.0 |
| 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 | 108.4 |
| 2018-07 | 108.4 |
| 2018-06 | 109.7 |
| 2018-05 | 110.8 |
| 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 | 104.8 |
| 2016-09 | 105.0 |
| 2016-08 | 102.4 |
| 2016-07 | 104.6 |
| 2016-06 | 100.9 |
| 2016-05 | 101.6 |
| 2016-04 | 99.6 |
| 2016-03 | 99.2 |
| 2016-02 | 100.4 |
| 2016-01 | 101.2 |
| 2015-12 | 100.5 |
| 2015-11 | 101.3 |
| 2015-10 | 99.4 |
| 2015-09 | 99.5 |
| 2015-08 | 100.1 |
| 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 | 111.1 |
| 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 | 96.5 |
| 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 | 104.6 |
| 2008-05 | 108.7 |
| 2008-04 | 113.0 |
| 2008-03 | 112.8 |
| 2008-02 | 114.3 |
| 2008-01 | 114.6 |
| 2007-12 | 114.6 |
| 2007-11 | 113.8 |
| 2007-10 | 112.4 |
| 2007-09 | 114.0 |
| 2007-08 | 113.4 |
| 2007-07 | 111.7 |
| 2007-06 | 113.5 |
| 2007-05 | 114.5 |
| 2007-04 | 111.9 |
| 2007-03 | 111.4 |
| 2007-02 | 112.1 |
| 2007-01 | 109.8 |
| 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 | 111.4 |
| 2006-05 | 108.9 |
| 2006-04 | 108.3 |
| 2006-03 | 105.8 |
| 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 | 103.6 |
| 2005-06 | 103.0 |
| 2005-05 | 103.8 |
| 2005-04 | 103.3 |
| 2005-03 | 105.7 |
| 2005-02 | 103.2 |
| 2005-01 | 103.2 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The indicator of the business climate in manufacturing industry for September 2025 has been revised upwards by one point (after rounding). This revision is 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 September and 20 October 2025; most companies answer during the first two weeks of collection.
Next issue: 21 November 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 September and 20 October 2025; most companies answer during the first two weeks of collection.
Next issue: 21 November 2025 at 08:45 am.