Informations Rapides ·
21 November 2025 · n° 292
In November 2025, the business climate in services has rebounded Monthly survey of services - November 2025
According to the business managers surveyed in November 2025, the business climate in services has rebounded. At 98, the indicator that synthesises it has won three points, and has moved closer to its long-term average (100). This increase is mainly due to the rebound in the balance in the expected demand.
According to the business managers surveyed in November 2025, the business climate in services has rebounded. At 98, the indicator that synthesises it has won three points, and has moved closer to its long-term average (100). This increase is mainly due to the rebound in the balance in the expected demand.
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-11 | 98.0 |
| 2025-10 | 95.2 |
| 2025-09 | 97.7 |
| 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 | 96.5 |
| 2024-11 | 97.8 |
| 2024-10 | 99.9 |
| 2024-09 | 98.3 |
| 2024-08 | 97.5 |
| 2024-07 | 96.1 |
| 2024-06 | 101.6 |
| 2024-05 | 102.8 |
| 2024-04 | 101.2 |
| 2024-03 | 102.7 |
| 2024-02 | 100.0 |
| 2024-01 | 101.6 |
| 2023-12 | 100.5 |
| 2023-11 | 99.7 |
| 2023-10 | 100.1 |
| 2023-09 | 100.6 |
| 2023-08 | 101.6 |
| 2023-07 | 102.3 |
| 2023-06 | 102.4 |
| 2023-05 | 101.8 |
| 2023-04 | 104.4 |
| 2023-03 | 103.9 |
| 2023-02 | 105.6 |
| 2023-01 | 104.8 |
| 2022-12 | 104.3 |
| 2022-11 | 104.4 |
| 2022-10 | 105.3 |
| 2022-09 | 105.1 |
| 2022-08 | 106.7 |
| 2022-07 | 106.2 |
| 2022-06 | 107.6 |
| 2022-05 | 109.3 |
| 2022-04 | 109.6 |
| 2022-03 | 108.5 |
| 2022-02 | 112.5 |
| 2022-01 | 106.1 |
| 2021-12 | 108.5 |
| 2021-11 | 114.5 |
| 2021-10 | 113.9 |
| 2021-09 | 110.3 |
| 2021-08 | 108.7 |
| 2021-07 | 111.2 |
| 2021-06 | 112.5 |
| 2021-05 | 107.5 |
| 2021-04 | 92.7 |
| 2021-03 | 94.0 |
| 2021-02 | 87.5 |
| 2021-01 | 91.4 |
| 2020-12 | 90.0 |
| 2020-11 | 76.0 |
| 2020-10 | 87.9 |
| 2020-09 | 93.5 |
| 2020-08 | 93.4 |
| 2020-07 | 88.6 |
| 2020-06 | 76.7 |
| 2020-05 | 48.6 |
| 2020-04 | 37.7 |
| 2020-03 | 91.9 |
| 2020-02 | 105.6 |
| 2020-01 | 106.4 |
| 2019-12 | 106.8 |
| 2019-11 | 106.3 |
| 2019-10 | 106.0 |
| 2019-09 | 105.9 |
| 2019-08 | 105.4 |
| 2019-07 | 105.4 |
| 2019-06 | 106.3 |
| 2019-05 | 106.2 |
| 2019-04 | 106.9 |
| 2019-03 | 105.0 |
| 2019-02 | 103.9 |
| 2019-01 | 103.9 |
| 2018-12 | 102.7 |
| 2018-11 | 104.4 |
| 2018-10 | 103.8 |
| 2018-09 | 104.8 |
| 2018-08 | 104.2 |
| 2018-07 | 104.9 |
| 2018-06 | 104.9 |
| 2018-05 | 104.9 |
| 2018-04 | 106.8 |
| 2018-03 | 107.4 |
| 2018-02 | 106.6 |
| 2018-01 | 107.6 |
| 2017-12 | 109.3 |
| 2017-11 | 108.0 |
| 2017-10 | 107.3 |
| 2017-09 | 107.1 |
| 2017-08 | 107.0 |
| 2017-07 | 104.4 |
| 2017-06 | 103.7 |
| 2017-05 | 103.4 |
| 2017-04 | 103.9 |
| 2017-03 | 103.6 |
| 2017-02 | 103.2 |
| 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 | 100.8 |
| 2016-04 | 98.2 |
| 2016-03 | 99.5 |
| 2016-02 | 99.9 |
| 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 | 93.1 |
| 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 | 84.3 |
| 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 | 86.9 |
| 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 | 94.5 |
| 2011-11 | 94.9 |
| 2011-10 | 97.2 |
| 2011-09 | 98.2 |
| 2011-08 | 100.5 |
| 2011-07 | 105.1 |
| 2011-06 | 107.4 |
| 2011-05 | 107.6 |
| 2011-04 | 109.2 |
| 2011-03 | 110.7 |
| 2011-02 | 109.4 |
| 2011-01 | 107.3 |
| 2010-12 | 107.0 |
| 2010-11 | 104.9 |
| 2010-10 | 102.9 |
| 2010-09 | 101.7 |
| 2010-08 | 100.7 |
| 2010-07 | 99.1 |
| 2010-06 | 98.3 |
| 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 | 90.5 |
| 2009-09 | 87.3 |
| 2009-08 | 83.8 |
| 2009-07 | 81.3 |
| 2009-06 | 77.3 |
| 2009-05 | 72.5 |
| 2009-04 | 68.1 |
| 2009-03 | 67.8 |
| 2009-02 | 73.0 |
| 2009-01 | 74.3 |
| 2008-12 | 77.0 |
| 2008-11 | 80.0 |
| 2008-10 | 84.0 |
| 2008-09 | 93.0 |
| 2008-08 | 94.9 |
| 2008-07 | 96.5 |
| 2008-06 | 101.1 |
| 2008-05 | 104.4 |
| 2008-04 | 106.9 |
| 2008-03 | 108.7 |
| 2008-02 | 108.8 |
| 2008-01 | 110.7 |
| 2007-12 | 109.2 |
| 2007-11 | 110.5 |
| 2007-10 | 110.3 |
| 2007-09 | 111.8 |
| 2007-08 | 112.7 |
| 2007-07 | 113.6 |
| 2007-06 | 113.0 |
| 2007-05 | 113.2 |
| 2007-04 | 113.4 |
| 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 | 110.9 |
| 2006-07 | 110.7 |
| 2006-06 | 109.5 |
| 2006-05 | 111.0 |
| 2006-04 | 108.1 |
| 2006-03 | 107.8 |
| 2006-02 | 106.6 |
| 2006-01 | 109.3 |
| 2005-12 | 107.3 |
| 2005-11 | 106.8 |
| 2005-10 | 108.7 |
| 2005-09 | 107.2 |
| 2005-08 | 107.6 |
| 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 the expected demand and their personal business outlook
In November 2025, the business managers in services are more optimistic than in the previous month about their expected activity and demand: the associated balances of opinion have sharply rebounded, moving closer to their average, without exceeding them. The one on the past activity has rebounded, below its average. The business managers are also slightly more optimistic about the business outlook of their sector: the balance related to the general business outlook has improved again and has reached its long-term average.
The balance of opinion on expected change in the workforce size has increased again and has moved closer from its average, whereas that on their past change is stable, below its average.
The balances related to both past and expected change in selling prices have slightly diminished, above their average.
The balance on the economic uncertainty felt is virtually stable, at its average.
tableauEconomic outlook in the services sector
| Average* | Aug. 2025 | Sept. 2025 | Oct. 2025 | Nov. 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 96 | 98 | 95 | 98 |
| General outlook | -7 | -7 | -10 | -9 | -7 |
| Past activity | 2 | -11 | 1 | -4 | -2 |
| Expected activity | 1 | -4 | 1 | -5 | -2 |
| Expected demand | 0 | -5 | -2 | -8 | -2 |
| Past selling prices | -3 | 1 | 2 | 2 | 0 |
| Expected selling prices | -2 | 3 | 0 | 1 | 0 |
| Past employment | 2 | -11 | -12 | -7 | -7 |
| Past employment except temporary work agencies | 0 | -10 | -10 | -11 | -6 |
| Expected employment | 2 | -2 | -8 | -5 | -2 |
| Expected employment except temporary work agencies | -1 | -5 | -6 | -5 | -4 |
| Economic uncertainty felt** | 12 | 7 | 12 | 13 | 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.
The business climate has recovered in corporate services, but remains below its average
In November 2025, the business climate indicator in information-communication has sharply rebounded and has moved closer to its long-term average. This rebound is mainly due to the sharp improvement in the balances on the activity (past and expected), on the workforce size (past and expected) and on the expected demand. These five balances remain nevertheless below their average.
In professional, scientific and technical activities, the business climate indicator has rebounded, but remains below its long-term average. In particular, the forward-looking balances on the general business outlook, on the activity and on the demand have risen.
In administrative and support services, the business climate has sharply brightened and has moved closer to its long-term average. The forward-looking balances on the demand, on the activity and on the workforce size have sharply improved.
In real estate activities, the business climate has retreated, and has moved further away from its long-term average. The balances on the expected activity and on the workforce size, past and expected, have diminished.
In accommodation and food services, the business climate is virtually stable for 3 months and stands just below its average in November. The rise in the balance on the expected demand has been offset by the decrease in those on the past activity and on the general business outlook.
Finally, the business climate in road freight transport has sharply brightened and has reached its average level, for the first time since June 2025. In particular, the balance on the expected demand has strongly risen and has clearly moved above its average.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Aug. 2025 | Sept. 2025 | Oct. 2025 | Nov. 2025 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 98 | 95 | 96 | 100 |
| General outlook | -19 | -20 | -23 | -19 | -18 |
| Past activity | -6 | 5 | -1 | -1 | 2 |
| Expected activity | -7 | -11 | -15 | -13 | -11 |
| Expected demand | -10 | -13 | -21 | -22 | -4 |
| Past employment | -6 | -17 | -12 | -9 | -14 |
| Expected employment | -7 | -16 | -16 | -12 | -9 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 100 | 99 | 100 | 99 |
| General outlook | -13 | -15 | -17 | -9 | -11 |
| Past activity | -7 | -5 | -12 | -1 | -6 |
| Expected activity | -8 | -4 | -11 | -13 | -13 |
| Expected demand | -9 | -13 | -10 | -18 | -16 |
| Past employment | -5 | -2 | -8 | -2 | -4 |
| Expected employment | -5 | 9 | -2 | 1 | -1 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 93 | 99 | 95 | 98 |
| General outlook | 0 | -1 | -3 | -2 | -3 |
| Past activity | 8 | -28 | 9 | -2 | 3 |
| Expected activity | 9 | -7 | 18 | 2 | 7 |
| Expected demand | 10 | -1 | 14 | 3 | 9 |
| Past employment | 6 | -3 | -13 | -8 | 0 |
| Expected employment | 10 | 2 | 5 | -1 | 4 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 95 | 94 | 97 | 94 |
| General outlook | -4 | -3 | -3 | -3 | -4 |
| Past activity | 6 | 1 | 1 | 1 | 5 |
| Expected activity | 6 | 3 | 0 | 6 | 3 |
| Expected demand | 1 | 2 | -5 | -3 | -4 |
| Past employment | 2 | -6 | -4 | 2 | -7 |
| Expected employment | 2 | -5 | -3 | -6 | -11 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 96 | 95 | 94 | 96 |
| General outlook | -8 | -9 | -13 | -12 | -8 |
| Past activity | -1 | -6 | -1 | -10 | -9 |
| Expected activity | -3 | -5 | -10 | -11 | -8 |
| Expected demand | -6 | -13 | -13 | -13 | -10 |
| Past employment | 0 | -6 | -2 | -6 | -9 |
| Expected employment | 1 | -10 | -7 | -6 | -6 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 98 | 94 | 95 | 98 |
| General outlook | -3 | -5 | -8 | -5 | -5 |
| Past activity | 5 | -2 | -2 | -2 | -4 |
| Expected activity | 4 | 0 | -2 | -3 | 2 |
| Expected demand | 2 | 5 | -3 | -5 | 2 |
| Past employment | 6 | -22 | -22 | -8 | -8 |
| Expected employment | 6 | -1 | -17 | -5 | 2 |
- 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 November 2025 has been revised downwards 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 28 October and 18 November 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: 18 December 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 28 October and 18 November 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: 18 December 2025 at 8:45 am.