Informations Rapides ·
21 November 2025 · n° 287
In November 2025, the business climate has brightened again a little Business indicator - November 2025
In November 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has gained one point again; the one of employment climate has also gained one point and has been back its July 2025 level.
In November 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has gained one point again; the one of employment climate has also gained one point and has been back its July 2025 level.
In November 2025, the business climate indicator has gained one point again
In November 2025, the synthetic indicator of business climate in France has gained one point. At 98, it has moved closer to its long term average (100). The business climate has rebounded in services, has maintained in building construction and wholesale trade, and has retreated in manufacturing industry and retail trade.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-11 | 97.6 |
| 2025-10 | 96.5 |
| 2025-09 | 95.9 |
| 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 | 99.8 |
| 2024-03 | 100.4 |
| 2024-02 | 99.0 |
| 2024-01 | 99.5 |
| 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 | 103.6 |
| 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 | 109.2 |
| 2021-12 | 110.8 |
| 2021-11 | 114.9 |
| 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 | 91.1 |
| 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 | 45.7 |
| 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 | 107.3 |
| 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 | 109.2 |
| 2018-05 | 109.6 |
| 2018-04 | 111.3 |
| 2018-03 | 111.8 |
| 2018-02 | 111.8 |
| 2018-01 | 112.9 |
| 2017-12 | 113.5 |
| 2017-11 | 112.4 |
| 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 | 103.5 |
| 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 | 99.7 |
| 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 | 95.8 |
| 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 | 97.6 |
| 2011-09 | 98.6 |
| 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 | 108.5 |
| 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 | 106.5 |
| 2005-12 | 105.0 |
| 2005-11 | 103.2 |
| 2005-10 | 103.9 |
| 2005-09 | 100.8 |
| 2005-08 | 101.6 |
| 2005-07 | 101.8 |
| 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 November 2025, the business climate in services has rebounded. At 98, the synthetic indicator has won three points and has moved closer to its long term average (100). This rise is mainly due to the rebound in the balance of opinion on the expected demand.
The business climate has maintained in building construction. At 96, the synthetic indicator remains below its long-term average (100) since April 2024. Compared to October, the business managers have slightly reviewed their opinion upward for past activity and downward for future activity.
In wholesale trade, the bimonthly business climate has also maintained. At 98, it stands below its long term average (100) since January 2023. The balance related to ordering intentions has slightly fallen back whereas the one on general business outlook has clearly rebounded.
In manufacturing industry, the business climate has retreated. At 98, the synthetic indicator has lost three points and has moved back below its long-term average (100). This decrease is due to the downturn in the balances of opinion relating to personal production prospects and to the level of order books.
Lastly, the business climate has slightly retreated in the whole sector comprising retail trade and trade and repair of motor vehicles. At 97, the indicator that synthesises it has lost two points and has moved away from its long-term average (100). This decline results from contrasted developments between retail trade excluding motor vehicles, where the climate has clearly increased, and trade and repair of motor vehicles, where it has dropped again.
tableauBusiness and employment climates
| July 25 | Aug. 25 | Sep. 25 | Oct. 25 | Nov. 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 96 | 96 | 96 | 97 | 98 |
| Manufacturing industry | 96 | 97 | 97 | 101 | 98 |
| Building construction | 96 | 97 | 98 | 96 | 96 |
| Services | 96 | 96 | 98 | 95 | 98 |
| Retail trade* | 99 | 93 | 92 | 99 | 97 |
| Wholesale trade | 97 | 98 | 98 | ||
| Employment | 96 | 95 | 93 | 95 | 96 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has increased again but remains gloomy
In November 2025, the synthetic indicator of employment climate has won one point again. At 96, it nevertheless stays below its long-term average (100) since July 2024. This upturn is mainly due to the increase in the balance of future workforce size in services (excluding temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-11 | 96.5 |
| 2025-10 | 94.8 |
| 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 | 98.4 |
| 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 | 99.9 |
| 2023-10 | 103.0 |
| 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 | 108.9 |
| 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 | 113.2 |
| 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 | 108.2 |
| 2019-05 | 106.2 |
| 2019-04 | 108.7 |
| 2019-03 | 108.5 |
| 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 | 110.8 |
| 2018-02 | 109.5 |
| 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 | 107.7 |
| 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 | 104.7 |
| 2016-06 | 101.0 |
| 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 | 99.5 |
| 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 | 96.9 |
| 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 | 105.2 |
| 2011-07 | 109.6 |
| 2011-06 | 111.1 |
| 2011-05 | 111.1 |
| 2011-04 | 108.9 |
| 2011-03 | 109.0 |
| 2011-02 | 110.5 |
| 2011-01 | 102.8 |
| 2010-12 | 105.5 |
| 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 | 74.1 |
| 2009-04 | 74.6 |
| 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 | 112.9 |
| 2008-02 | 114.4 |
| 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 | 114.6 |
| 2007-04 | 111.9 |
| 2007-03 | 111.5 |
| 2007-02 | 112.2 |
| 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 | 103.4 |
| 2005-03 | 105.8 |
| 2005-02 | 103.2 |
| 2005-01 | 103.2 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The indicator of the business climate in services for October 2025 has been revised downwards by one point (after rounding), as the employment climate. These revisions are 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 28 October and 18 November 2025; most companies answer during the first two weeks of collection.
Next issue: 18 December 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 28 October and 18 November 2025; most companies answer during the first two weeks of collection.
Next issue: 18 December 2025 at 08:45 am.