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Informations Rapides · 23 January 2026 · n° 014
Informations rapidesIn January 2026, the business climate in manufacturing industry has increased again, at its highest level since July 2022 Monthly business survey (goods-producing industries) - January 2026

In January 2026, the business climate in manufacturing industry has increased again. At 105, the synthetic indicator has gained three points and has reached its highest level since July 2022. This increase comes in particular from the improvement in the balances of opinion relating to personal production prospects and to global order books.

Informations rapides
No 014
Paru le :Paru le23/01/2026
Prochaine parution le : 24/02/2026 at 08:45 - February 2026
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In January 2026, the business climate in manufacturing industry has increased again. At 105, the synthetic indicator has gained three points and has reached its highest level since July 2022. This increase comes in particular from the improvement in the balances of opinion relating to personal production prospects and to global order books.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2026-01 105.2
2025-12 102.3
2025-11 98.1
2025-10 100.9
2025-09 96.7
2025-08 97.1
2025-07 96.1
2025-06 96.5
2025-05 97.2
2025-04 100.0
2025-03 96.7
2025-02 97.4
2025-01 96.0
2024-12 96.6
2024-11 96.1
2024-10 92.6
2024-09 98.3
2024-08 99.4
2024-07 96.2
2024-06 99.4
2024-05 99.8
2024-04 100.4
2024-03 102.8
2024-02 101.2
2024-01 99.6
2023-12 99.0
2023-11 98.7
2023-10 98.8
2023-09 97.9
2023-08 97.0
2023-07 101.5
2023-06 100.8
2023-05 99.5
2023-04 101.1
2023-03 103.6
2023-02 103.6
2023-01 102.9
2022-12 101.1
2022-11 101.4
2022-10 103.3
2022-09 101.6
2022-08 103.6
2022-07 106.1
2022-06 108.2
2022-05 107.5
2022-04 108.4
2022-03 107.8
2022-02 111.8
2022-01 113.1
2021-12 108.8
2021-11 110.0
2021-10 107.4
2021-09 106.5
2021-08 109.2
2021-07 109.5
2021-06 107.8
2021-05 107.8
2021-04 103.7
2021-03 98.3
2021-02 97.0
2021-01 96.1
2020-12 94.0
2020-11 91.4
2020-10 93.5
2020-09 93.4
2020-08 90.7
2020-07 81.1
2020-06 77.0
2020-05 70.7
2020-04 66.8
2020-03 97.7
2020-02 100.7
2020-01 103.0
2019-12 99.1
2019-11 102.4
2019-10 99.7
2019-09 101.9
2019-08 102.2
2019-07 101.1
2019-06 102.1
2019-05 104.3
2019-04 101.7
2019-03 103.8
2019-02 103.1
2019-01 103.6
2018-12 103.6
2018-11 105.2
2018-10 104.4
2018-09 107.4
2018-08 108.8
2018-07 108.7
2018-06 109.9
2018-05 110.4
2018-04 111.2
2018-03 111.0
2018-02 112.7
2018-01 114.1
2017-12 112.2
2017-11 111.8
2017-10 111.6
2017-09 111.3
2017-08 110.2
2017-07 108.8
2017-06 109.3
2017-05 108.8
2017-04 108.9
2017-03 105.6
2017-02 106.8
2017-01 106.1
2016-12 105.8
2016-11 102.2
2016-10 102.3
2016-09 103.5
2016-08 101.6
2016-07 101.8
2016-06 101.7
2016-05 104.3
2016-04 104.9
2016-03 102.8
2016-02 103.2
2016-01 103.1
2015-12 102.8
2015-11 102.3
2015-10 103.2
2015-09 104.7
2015-08 103.7
2015-07 101.5
2015-06 100.2
2015-05 101.6
2015-04 101.5
2015-03 99.1
2015-02 98.3
2015-01 98.7
2014-12 98.7
2014-11 98.8
2014-10 97.3
2014-09 96.8
2014-08 96.5
2014-07 96.2
2014-06 96.2
2014-05 98.1
2014-04 100.3
2014-03 100.7
2014-02 98.2
2014-01 99.6
2013-12 99.1
2013-11 97.9
2013-10 97.7
2013-09 95.8
2013-08 98.3
2013-07 94.5
2013-06 92.4
2013-05 91.7
2013-04 87.2
2013-03 90.2
2013-02 90.3
2013-01 89.7
2012-12 90.5
2012-11 91.5
2012-10 86.7
2012-09 92.6
2012-08 92.7
2012-07 91.0
2012-06 93.0
2012-05 94.6
2012-04 95.5
2012-03 96.5
2012-02 94.8
2012-01 94.7
2011-12 94.6
2011-11 97.6
2011-10 97.4
2011-09 99.1
2011-08 101.3
2011-07 104.9
2011-06 109.8
2011-05 107.3
2011-04 110.2
2011-03 110.3
2011-02 106.6
2011-01 108.6
2010-12 104.0
2010-11 101.5
2010-10 103.7
2010-09 102.6
2010-08 99.8
2010-07 96.7
2010-06 95.0
2010-05 95.6
2010-04 94.1
2010-03 90.3
2010-02 87.7
2010-01 89.2
2009-12 86.3
2009-11 86.3
2009-10 84.1
2009-09 82.8
2009-08 79.9
2009-07 75.4
2009-06 73.7
2009-05 71.4
2009-04 69.9
2009-03 65.8
2009-02 67.9
2009-01 72.1
2008-12 72.5
2008-11 79.3
2008-10 86.9
2008-09 91.6
2008-08 98.2
2008-07 98.8
2008-06 103.6
2008-05 104.3
2008-04 107.7
2008-03 110.3
2008-02 110.7
2008-01 110.8
2007-12 112.8
2007-11 112.7
2007-10 110.4
2007-09 111.0
2007-08 111.5
2007-07 112.0
2007-06 111.8
2007-05 110.5
2007-04 112.4
2007-03 111.8
2007-02 112.1
2007-01 108.5
2006-12 109.4
2006-11 109.9
2006-10 107.5
2006-09 108.4
2006-08 108.9
2006-07 109.3
2006-06 108.9
2006-05 109.2
2006-04 108.1
2006-03 106.6
2006-02 106.8
2006-01 103.2

Business climate in manufacturing - Composite indicator

  • Source: INSEE.

Industrialists’ opinion on manufacturing industry

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing industry (Balance of opinion, in %, SA)
Manufacturing industry Ave.* Oct-25 Nov-25 Dec-25 Jan-26
Business climate 100 101 98 102 105
Past production 4 -13 -10 9 7
Finished-goods inventory 12 19 17 19 8
Overall order books -18 -15 -20 -17 -11
Foreign order books -14 -4 -16 -7 -6
Past workforce size -8 -5 -6 -2 -4
Expected workforce size -9 0 -1 -1 -1
Personal production prospects 6 19 14 10 17
General production prospects -7 -11 -9 -6 -4
Expected trend in selling prices 4 4 2 2 1
Economic uncertainty felt** 29 31 31 33 33
  • * Long-term average since 1976 except for the economic uncertainty felt (April 2021).
  • ** Non-seasonally adjusted balance of opinion.
  • Source: INSEE - Monthly business tendency survey in industry.

The balance of opinion relating to personal production prospects has strongly rebounded

In January 2026, the balance of opinion associated with personal production prospects has strongly rebounded and has moved away from its average. The one relating to general production prospects in the industry has increased for the fourth consecutive month, has also moved away from its own, and has reached its highest level since April 2023. However, the balance associated with the change in past production has fallen back slightly; it remains above its average. The balance of opinion on economic uncertainty felt by business leaders is stable, above its own.

The balances of opinion associated with the level of order books, both global and foreign, have increased again, more markedly for global order books. Both balances have moved away from their respective average.

The balance of opinion on the current level of finished goods inventories has fallen back strongly and has returned below its average.

The balance of opinion relating to the past evolution of workforce size has fallen back slightly, while the one associated with its expected evolution is stable. Both remain above their average.

The balance of opinion relating to the expected trend in selling prices over the next three months has slightly diminished and has moved away from its long-term average.

The share of companies reporting being limited in their production by workforce shortage has increased and has deviated from its average. The share of those reporting sourcing difficulties as a limiting factor to their production has increased again and has also moved away from its own. Overall, the proportion of companies declaring supply-side obstacles only is stable nonetheless: at 24%, it stands slightly above its average. The proportion of companies reporting obstacles linked to demand only has rebounded: at 24%, it is however well below its long-term average.

Share of companies declaring obstacles limiting their production*

Share of companies, in % of answers, SA
Share of companies declaring obstacles limiting their production* (Share of companies, in % of answers, SA)
Manufacturing industry Ave.** Oct-25 Nov-25 Dec-25 Jan-26
Difficulties of supply and demand 9 12 13 14 10
Sourcing difficulties 11 15 13 15 18
Workforce shortage 9 13 11 11 14
Difficulties of supply only 22 23 24 24 24
Difficulties of demand only 39 25 25 22 24
  • * Quaterly series from January 1991 then monthly series from May 2022.
  • ** Long-term average since 1991 on monthly series (over the quarterly collection period, the point collected in the first month of each quarter was carried over identically to the following two months).
  • Source: INSEE – Monthly business survey in industry.

The business climate has strongly rebounded in “other manufacturing” and has reached its highest level since July 2022

In January 2026, the business climate indicator in the manufacturing of food products and beverages has rebounded. At 95, it has moved closer to its long-term average (100). This increase mainly comes from the rebound in the balances of opinion relating to personal production prospects and to global order books.

In the manufacturing of machinery and equipment goods, the synthetic indicator of the business climate has fallen back and has returned below its long-term average (100). This decrease mainly comes from the balances of opinion relating to past production and to order books, both global and foreign.

In the manufacturing of transport equipment, the business climate indicator has increased again: at 112, it stands well above its long-term average (100). It has increased again both in the sector of motor vehicles, trailers and semi-trailers, where it has moved closer to its average, and in “other transport equipment”, where it is close to its highest level (reached on August 2024) since the beginning of this series (February 1990). In both of these sub-sectors, the balances of opinion relating to order books, both global and foreign, and the decline in finished goods inventories mainly contribute to the climate's increase.

Finally, the business climate indicator in “other manufacturing” has rebounded and has moved back to its long-term average (100). It has reached its highest level since July 2022. This rebound comes from the balances of opinion relating to order books, both global and foreign, and from personal production prospects. The business climate has increased or is almost stable in each of the sub-sectors.

Business climates in a sector-based approach

Business climates in a sector-based approach
C1: Manufacture of food products and beverages C3: Machinery and equipment goods C4: Manufacture of transport equipment C5: Other manufacturing
2026-01 95.4 98.2 111.8 100.3
2025-12 93.2 105.0 109.3 96.5
2025-11 94.8 103.4 99.9 96.8
2025-10 90.9 105.9 110.3 96.1
2025-09 97.4 101.8 99.2 95.1
2025-08 92.9 97.6 103.6 95.5
2025-07 98.1 99.2 100.8 94.3
2025-06 98.3 100.5 101.0 93.8
2025-05 94.3 101.6 100.3 95.1
2025-04 97.1 99.0 104.7 95.0
2025-03 95.7 98.7 97.2 95.2
2025-02 97.8 95.9 101.7 95.1
2025-01 96.8 95.1 98.9 94.6
2024-12 97.5 96.6 107.8 92.8
2024-11 96.5 97.0 100.7 93.5
2024-10 95.5 96.3 96.0 93.3
2024-09 94.7 98.1 109.8 93.3
2024-08 96.6 96.1 110.9 95.2
2024-07 92.0 97.5 101.2 94.7
2024-06 93.0 98.6 110.5 95.5
2024-05 90.5 98.9 109.6 97.3
2024-04 91.8 96.7 111.5 96.1
2024-03 91.3 102.0 113.0 96.9
2024-02 87.3 98.3 111.6 96.9
2024-01 86.6 99.9 112.8 94.2
2023-12 85.8 98.6 109.3 94.9
2023-11 85.3 104.0 110.0 93.7
2023-10 84.6 101.5 112.5 93.9
2023-09 87.7 104.5 102.4 95.2
2023-08 87.2 102.6 103.2 95.3
2023-07 91.6 106.7 112.9 95.1
2023-06 87.8 105.3 105.6 95.0
2023-05 92.6 106.0 103.9 95.6
2023-04 93.6 109.6 103.4 98.2
2023-03 98.5 111.6 103.8 99.3
2023-02 102.1 109.8 104.6 96.8
2023-01 100.9 112.1 103.3 96.6
2022-12 100.1 112.1 99.6 95.6
2022-11 104.3 111.3 102.3 95.4
2022-10 108.9 114.4 104.4 96.2
2022-09 107.1 111.7 98.1 98.2
2022-08 107.2 113.4 99.7 100.0
2022-07 107.1 112.9 105.9 102.3
2022-06 108.5 112.2 102.1 106.2
2022-05 107.2 111.9 101.7 105.8
2022-04 109.0 113.3 102.1 109.5
2022-03 110.9 112.2 100.1 108.5
2022-02 111.1 114.8 104.9 112.1
2022-01 112.5 116.7 104.8 110.9
2021-12 117.7 116.4 88.2 112.1
2021-11 115.3 116.9 96.1 113.7
2021-10 113.9 116.2 89.9 111.2
2021-09 109.4 116.4 87.8 113.0
2021-08 111.1 120.0 91.8 113.7
2021-07 114.2 115.0 91.9 115.5
2021-06 117.7 115.1 90.2 111.2
2021-05 116.4 111.9 89.8 111.3
2021-04 105.5 112.7 88.7 108.0
2021-03 100.9 106.2 83.2 104.6
2021-02 94.5 104.9 89.8 101.6
2021-01 91.9 103.6 87.4 100.6
2020-12 90.6 94.6 86.6 101.5
2020-11 92.8 91.0 89.2 94.6
2020-10 94.9 92.8 90.6 94.9
2020-09 102.4 90.0 91.0 92.5
2020-08 96.4 89.7 90.1 88.0
2020-07 88.1 84.6 79.3 81.3
2020-06 91.9 78.4 76.1 78.5
2020-05 91.6 76.7 75.4 74.2
2020-04 93.2 76.4 73.4 72.9
2020-03 108.7 98.3 95.6 97.5
2020-02 107.9 98.8 100.7 100.3
2020-01 108.5 100.1 106.7 99.3
2019-12 109.1 96.7 99.4 97.7
2019-11 104.4 98.2 106.5 100.9
2019-10 106.5 96.2 100.6 99.2
2019-09 108.2 99.9 101.4 101.7
2019-08 108.4 99.3 101.2 102.2
2019-07 103.1 102.8 99.3 100.8
2019-06 109.5 98.2 100.7 101.1
2019-05 111.1 104.3 102.7 102.9
2019-04 107.0 101.0 101.8 101.2
2019-03 108.1 100.5 103.1 101.8
2019-02 108.1 104.3 100.3 101.3
2019-01 108.2 102.8 102.6 102.1
2018-12 109.0 102.3 101.8 102.4
2018-11 108.8 102.2 103.9 102.7
2018-10 103.3 106.6 103.2 103.1
2018-09 107.8 107.9 104.6 105.3
2018-08 107.6 107.4 105.9 106.3
2018-07 107.6 107.8 106.0 107.2
2018-06 110.2 106.9 110.2 106.1
2018-05 108.4 111.2 108.9 108.5
2018-04 110.1 109.3 113.6 108.2
2018-03 109.4 109.5 112.2 109.9
2018-02 110.0 110.2 112.6 110.3
2018-01 111.3 111.9 112.7 111.3
2017-12 112.0 110.9 110.2 111.0
2017-11 112.2 109.9 109.0 111.2
2017-10 112.6 109.4 108.0 110.9
2017-09 106.9 107.8 109.5 109.1
2017-08 108.6 106.1 108.3 108.9
2017-07 109.7 108.4 108.4 107.6
2017-06 112.3 107.8 104.8 109.1
2017-05 106.0 108.6 105.3 107.6
2017-04 105.4 106.6 105.8 108.5
2017-03 104.3 104.2 105.2 105.0
2017-02 105.5 103.5 106.1 106.4
2017-01 103.8 101.9 106.2 105.7
2016-12 108.9 103.1 104.5 105.1
2016-11 108.2 99.5 101.7 101.7
2016-10 107.0 97.3 105.8 101.4
2016-09 109.5 98.5 105.1 100.6
2016-08 99.7 98.3 104.1 101.6
2016-07 104.9 97.4 105.4 101.9
2016-06 103.5 97.1 106.0 101.6
2016-05 103.7 97.1 105.6 104.1
2016-04 106.3 100.0 109.2 101.4
2016-03 101.8 99.2 105.7 101.3
2016-02 100.4 100.8 109.3 100.0
2016-01 101.8 100.7 108.2 99.6
2015-12 100.3 98.1 108.0 101.9
2015-11 102.8 99.7 107.7 99.6
2015-10 104.6 98.1 108.2 99.9
2015-09 105.8 96.0 109.3 102.8
2015-08 103.5 97.2 108.6 101.6
2015-07 108.7 98.3 104.9 103.0
2015-06 105.4 97.1 105.3 101.0
2015-05 102.0 97.2 104.7 101.7
2015-04 105.0 96.6 107.0 100.8
2015-03 101.1 94.2 105.2 100.3
2015-02 99.8 94.8 100.2 100.4
2015-01 103.5 93.2 101.1 99.9
2014-12 99.5 91.8 99.2 100.3
2014-11 96.3 91.9 99.8 99.9
2014-10 95.8 92.4 96.8 98.6
2014-09 94.5 92.0 101.0 97.3
2014-08 95.9 93.3 97.4 100.7
2014-07 97.4 88.9 98.1 99.2
2014-06 95.8 91.5 97.2 98.6
2014-05 98.4 93.6 97.2 99.6
2014-04 96.1 92.7 102.2 100.3
2014-03 99.9 92.7 100.3 102.6
2014-02 99.4 93.6 97.9 98.4
2014-01 99.5 90.9 101.5 98.8
2013-12 98.3 91.8 99.1 99.2
2013-11 98.3 91.9 102.0 98.8
2013-10 95.7 90.0 103.3 97.7
2013-09 95.1 89.7 97.1 97.2
2013-08 95.6 91.3 100.9 97.1
2013-07 92.6 89.3 98.3 94.9
2013-06 92.8 88.9 94.2 93.2
2013-05 91.6 89.1 94.6 91.7
2013-04 91.7 89.3 92.4 89.1
2013-03 94.0 88.6 93.1 91.2
2013-02 98.1 88.6 94.3 90.1
2013-01 97.7 87.7 93.1 91.2
2012-12 98.9 87.2 92.2 91.8
2012-11 98.3 87.1 92.8 92.2
2012-10 91.0 86.0 96.2 89.3
2012-09 96.9 90.9 98.0 93.6
2012-08 94.0 90.1 95.1 93.5
2012-07 94.7 90.7 95.7 92.2
2012-06 95.1 90.8 95.5 93.7
2012-05 93.4 94.9 95.0 95.9
2012-04 99.3 95.6 94.4 97.8
2012-03 102.9 96.4 103.3 97.2
2012-02 100.8 96.1 93.4 96.0
2012-01 100.1 96.1 94.5 94.1
2011-12 98.7 96.0 99.9 94.5
2011-11 102.3 96.0 102.8 94.2
2011-10 104.7 98.3 100.2 96.5
2011-09 102.1 99.5 98.1 98.2
2011-08 103.8 100.3 101.7 100.5
2011-07 111.9 102.4 103.3 105.2
2011-06 108.9 104.1 109.3 109.2
2011-05 110.1 103.1 104.8 107.9
2011-04 109.3 104.5 105.7 110.3
2011-03 107.0 106.4 106.1 110.0
2011-02 107.5 101.6 98.2 108.7
2011-01 109.3 103.8 104.7 105.4

Business climates in a sector-based approach

  • Source: INSEE.

Business climates in a sector-based approach

Average = 100 and standard deviation = 10 since 1990
Business climates in a sector-based approach (Average = 100 and standard deviation = 10 since 1990)
NA* : (A17) and [A38 and A64] Weights** (%) Nov-25 Dec-25 Jan-26
(C1) Man. of food products and beverages 20 95 93 95
(C3) Machinery and equipment goods 11 103 105 98
          [CI] Computer, electronic and optical products 4 116 115 102
          [CJ] Electrical equipment 3 99 105 95
          [CK] Machinery and equipment 5 96 96 97
(C4) Man. of transport equipment 19 100 109 112
          [CL1] Motor vehicles, trailers and semi-trailers 9 95 97 99
          [CL2] Other transport equipment 10 103 116 118
(C5) Other manufacturing 45 97 96 100
          [CB] Textiles, clothing industries, leather and footwear industry 2 100 94 103
          [CC] Wood, paper, printing 4 98 101 100
          [CE] Chemicals and chemical products 8 93 93 97
          [CG] Rubber and plastic products 7 96 95 97
          [CH] Basic metals and fabricated metal products 11 92 94 99
          [CM] Other manufacturing industries / Manufacture of other industrial products 10 104 105 105
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sectors’ balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry.

Revisions

The business climate in manufacturing industry of December 2025 has not been revised (after rounding).

For further information

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 26 December 2025 and 20 January 2026; most companies answer during the first two weeks of collection.

Next issue: 24 February 2026 at 8:45 am.

Documentation

Methodology note (in french) (pdf,164 Ko)

Changes to business tendency surveys related to European harmonisation – October 2021 (pdf,181 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 26 December 2025 and 20 January 2026; most companies answer during the first two weeks of collection.

Next issue: 24 February 2026 at 8:45 am.

: bureau-de-presse@insee.fr

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