Investment by non-financial enterprises (NFEs) rose sharply in the summer of 2025 (+0.8% after +0.2% in Q2 2025), at a pace not seen since Q2 2023. Investment in goods rebounded (+0.8% after -0.2% in Q2 2025), particularly in capital goods (+2.0% after +1.6%) and to a lesser extent in transport equipment (+1.2% after -1.8%), in which the sharp rise in ship deliveries more than offset the decline in automotive investment. Conversely, purchases of “other industrial products” continued to fall (-0.7% after -0.5%), for the fifth consecutive quarter. Investment in construction fell back (-0.3% after +0.2% in Q2), resuming the downward trend that began in Q2 2023. At the same time, spending on services grew at a strong pace (+1.5% after +0.5%), exceeding its average quarterly growth rate since 2021 (+1.1%). This was driven by spending on both information and communication services (+1.8% after +0.4%) and services to enterprises (+1.2% after +0.9%). After showing signs of a slowdown in late 2023 and early 2024, investment in services seems to have returned to a steady pace...