Informations Rapides ·
23 January 2026 · n° 17
In January 2026, the business climate in services remains stable Monthly survey of services - January 2026
According to the business managers surveyed in January 2026, the business climate in services is stable again. At 98 since last November, the indicator that synthesises it stands below its long-term average (100) since November 2024.
- The opinion of business managers is stable about their personal business outlook and slightly more unfavourable for those of their sector
- The business climate has improved in road freight transport and in real estate activities, but has notably darkened in administrative and support services
- Revision
- For further information
According to the business managers surveyed in January 2026, the business climate in services is stable again. At 98 since last November, the indicator that synthesises it stands below its long-term average (100) since November 2024.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-01 | 98.1 |
| 2025-12 | 98.2 |
| 2025-11 | 98.2 |
| 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 | 101.7 |
| 2024-05 | 102.8 |
| 2024-04 | 101.2 |
| 2024-03 | 102.7 |
| 2024-02 | 100.0 |
| 2024-01 | 101.6 |
| 2023-12 | 100.6 |
| 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 | 105.2 |
| 2022-08 | 106.8 |
| 2022-07 | 106.2 |
| 2022-06 | 107.6 |
| 2022-05 | 109.3 |
| 2022-04 | 109.7 |
| 2022-03 | 108.6 |
| 2022-02 | 112.6 |
| 2022-01 | 106.1 |
| 2021-12 | 108.5 |
| 2021-11 | 114.6 |
| 2021-10 | 114.0 |
| 2021-09 | 110.4 |
| 2021-08 | 108.7 |
| 2021-07 | 111.2 |
| 2021-06 | 112.6 |
| 2021-05 | 107.5 |
| 2021-04 | 92.7 |
| 2021-03 | 94.0 |
| 2021-02 | 87.5 |
| 2021-01 | 91.3 |
| 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 | 76.6 |
| 2020-05 | 48.5 |
| 2020-04 | 37.6 |
| 2020-03 | 91.9 |
| 2020-02 | 105.6 |
| 2020-01 | 106.4 |
| 2019-12 | 106.8 |
| 2019-11 | 106.3 |
| 2019-10 | 106.1 |
| 2019-09 | 106.0 |
| 2019-08 | 105.4 |
| 2019-07 | 105.4 |
| 2019-06 | 106.3 |
| 2019-05 | 106.2 |
| 2019-04 | 107.0 |
| 2019-03 | 105.1 |
| 2019-02 | 104.0 |
| 2019-01 | 103.9 |
| 2018-12 | 102.7 |
| 2018-11 | 104.4 |
| 2018-10 | 103.9 |
| 2018-09 | 104.8 |
| 2018-08 | 104.3 |
| 2018-07 | 105.0 |
| 2018-06 | 104.9 |
| 2018-05 | 104.9 |
| 2018-04 | 106.8 |
| 2018-03 | 107.4 |
| 2018-02 | 106.6 |
| 2018-01 | 107.7 |
| 2017-12 | 109.4 |
| 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 | 103.7 |
| 2016-11 | 100.9 |
| 2016-10 | 100.8 |
| 2016-09 | 100.8 |
| 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 | 90.9 |
| 2014-12 | 91.1 |
| 2014-11 | 91.0 |
| 2014-10 | 90.9 |
| 2014-09 | 90.7 |
| 2014-08 | 91.3 |
| 2014-07 | 92.3 |
| 2014-06 | 92.0 |
| 2014-05 | 92.0 |
| 2014-04 | 93.0 |
| 2014-03 | 92.9 |
| 2014-02 | 91.9 |
| 2014-01 | 92.1 |
| 2013-12 | 90.6 |
| 2013-11 | 92.2 |
| 2013-10 | 91.5 |
| 2013-09 | 92.2 |
| 2013-08 | 88.3 |
| 2013-07 | 86.2 |
| 2013-06 | 85.6 |
| 2013-05 | 84.3 |
| 2013-04 | 82.9 |
| 2013-03 | 83.7 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 86.8 |
| 2012-11 | 85.1 |
| 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 | 94.4 |
| 2011-11 | 94.9 |
| 2011-10 | 97.2 |
| 2011-09 | 98.2 |
| 2011-08 | 100.5 |
| 2011-07 | 105.2 |
| 2011-06 | 107.4 |
| 2011-05 | 107.7 |
| 2011-04 | 109.2 |
| 2011-03 | 110.8 |
| 2011-02 | 109.5 |
| 2011-01 | 107.4 |
| 2010-12 | 107.1 |
| 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 | 92.0 |
| 2009-10 | 90.5 |
| 2009-09 | 87.3 |
| 2009-08 | 83.8 |
| 2009-07 | 81.2 |
| 2009-06 | 77.2 |
| 2009-05 | 72.4 |
| 2009-04 | 68.1 |
| 2009-03 | 67.7 |
| 2009-02 | 73.0 |
| 2009-01 | 74.2 |
| 2008-12 | 76.9 |
| 2008-11 | 79.9 |
| 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 | 107.0 |
| 2008-03 | 108.8 |
| 2008-02 | 108.8 |
| 2008-01 | 110.8 |
| 2007-12 | 109.3 |
| 2007-11 | 110.5 |
| 2007-10 | 110.4 |
| 2007-09 | 111.8 |
| 2007-08 | 112.7 |
| 2007-07 | 113.6 |
| 2007-06 | 113.0 |
| 2007-05 | 113.3 |
| 2007-04 | 113.4 |
| 2007-03 | 113.8 |
| 2007-02 | 112.9 |
| 2007-01 | 111.3 |
| 2006-12 | 111.8 |
| 2006-11 | 113.6 |
| 2006-10 | 111.2 |
| 2006-09 | 111.1 |
| 2006-08 | 110.9 |
| 2006-07 | 110.8 |
| 2006-06 | 109.6 |
| 2006-05 | 111.0 |
| 2006-04 | 108.1 |
| 2006-03 | 107.9 |
| 2006-02 | 106.6 |
| 2006-01 | 109.3 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
The opinion of business managers is stable about their personal business outlook and slightly more unfavourable for those of their sector
In January 2026, the opinion of business managers in services about their expected activity and demand is unchanged: the associated balances of opinion are stable, below their long-term average. Concerning the balance on the past activity, it has increased for the third month in a row, and has moved closer to its average level.
Conversely, business managers in services are more pessimistic than in the previous month about the business outlook for the sector: the associated balance of opinion has retreated and has returned to its average.
The balance of opinion on the past workforce size has sharply fallen back and has reached its level of last September, that is its lowest level since February 2021. Conversely, the one on the expected workforce size has moderately rebounded. Both stand below their average.
The balance on the economic uncertainty felt is stable, at its average.
In January 2026, the share of business managers reporting difficulties in recruitment has retreated compared to the previous quarter: it has moved below its average, and has reached its level of the third quarter 2025, that is its lowest level since the second quarter 2021.
Business managers are less numerous to report only difficulties of demand as obstacles preventing them from increasing their activity. They are almost as numerous as the previous quarter to report only difficulties of supply or difficulties of demand and supply at the same time. These three shares remain sharply below their average level.
The quarterly balance of opinion on the expected investment for the next three months has retreated, has moved futher away from its average and has reached its level of the third quarter 2025, that is its lowest level since the second quarter 2021.
The quarterly balance on the cash position is virtually stable, just below its average level.
tableauEconomic outlook in the services sector
| Average* | Oct. 2025 | Nov. 2025 | Dec. 2025 | Jan. 2026 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 95 | 98 | 98 | 98 |
| General outlook | -7 | -9 | -7 | -5 | -7 |
| Past activity | 2 | -4 | -2 | -1 | 0 |
| Expected activity | 1 | -5 | -2 | -1 | -1 |
| Expected demand | 0 | -8 | -2 | -4 | -4 |
| Past selling prices | -3 | 2 | 0 | -2 | 2 |
| Expected selling prices | -2 | 1 | 0 | 2 | 3 |
| Past employment | 2 | -7 | -7 | -5 | -12 |
| Past employment except temporary work agencies | 0 | -11 | -6 | -5 | -9 |
| Expected employment | 2 | -5 | -2 | -6 | -4 |
| Expected employment except temporary work agencies | -1 | -5 | -4 | -6 | -7 |
| Cash position*** | -10 | -10 | -11 | ||
| Difficulties | |||||
| difficulties of supply and demand (in %)*** | 9 | 7 | 6 | ||
| difficulties of supply only (in %)*** | 23 | 17 | 18 | ||
| difficulties of demand only (in %)*** | 27 | 19 | 17 | ||
| Difficulties in recruitment (in %)*** | 31 | 33 | 30 | ||
| Expected investments*** | 3 | -1 | -4 | ||
| Economic uncertainty felt** | 12 | 13 | 12 | 12 | 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.
- *** Balance of opinion from the quarterly section of the survey.
The business climate has improved in road freight transport and in real estate activities, but has notably darkened in administrative and support services
In January 2026, the business climate indicator in information-communication is virtually stable and stands just below its long-term average. The balances of opinion on the general business outlook and on the expected demand have diminished and stand below their average. Conversely, the one on the past activity has sharply increased, moving above its average.
In professional, scientific and technical activities, the business climate is stable, below its average level. The rebound in the balance on the past activity has been offset by the retreat in those on the workforce size and on the business outlook for the sector; these four balances stand below their average.
In administrative and support services, the business climate has darkened, and has moved away from its average. The balances on the activity, on the business outlook for the sector and especially on the past workforce size have fallen back, below their average.
The business climate in real estate activities has brightened again, and stands just below its average. It has reached its highest level since June 2025. In particular, the balances of opinion on the expected workforce size and on the past activity have sharply risen.
In accommodation and food services, the business climate has darkened again: below its average, it has reached its lowest level since May 2025. In particular, the forward-looking balances on demand and activity have decreased.
Finally, in road freight transport, the business climate has sharply rebounded and has moved above its average. The forward-looking balances on activity, demand and workforce size have sharply improved.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Oct. 2025 | Nov. 2025 | Dec. 2025 | Jan. 2026 |
|---|---|---|---|---|---|
| Road freight transport (8%) | |||||
| Composite indicator | 100 | 96 | 100 | 96 | 101 |
| General outlook | -19 | -19 | -18 | -17 | -13 |
| Past activity | -6 | -1 | 2 | 2 | -17 |
| Expected activity | -7 | -13 | -11 | -14 | -3 |
| Expected demand | -10 | -22 | -4 | -22 | -8 |
| Past employment | -6 | -9 | -12 | -5 | -7 |
| Expected employment | -7 | -12 | -9 | -19 | -10 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 100 | 99 | 98 | 96 |
| General outlook | -13 | -9 | -11 | -12 | -13 |
| Past activity | -7 | -1 | -5 | -15 | -12 |
| Expected activity | -8 | -13 | -13 | -7 | -16 |
| Expected demand | -9 | -18 | -16 | -13 | -17 |
| Past employment | -5 | -2 | -3 | -3 | 0 |
| Expected employment | -5 | 1 | -2 | -13 | -13 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 95 | 98 | 98 | 99 |
| General outlook | 0 | -2 | -3 | 1 | -2 |
| Past activity | 8 | -2 | 3 | 5 | 15 |
| Expected activity | 9 | 2 | 7 | 5 | 7 |
| Expected demand | 10 | 3 | 9 | 2 | 0 |
| Past employment | 6 | -8 | 0 | -7 | -7 |
| Expected employment | 10 | -1 | 3 | 5 | 6 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 97 | 94 | 96 | 99 |
| General outlook | -4 | -3 | -4 | -4 | -2 |
| Past activity | 6 | 1 | 5 | 5 | 12 |
| Expected activity | 6 | 6 | 3 | 1 | 3 |
| Expected demand | 1 | -3 | -4 | 0 | 0 |
| Past employment | 2 | 2 | -6 | 1 | 2 |
| Expected employment | 2 | -6 | -10 | -5 | 2 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 94 | 96 | 98 | 98 |
| General outlook | -8 | -12 | -8 | -5 | -9 |
| Past activity | -1 | -10 | -9 | -12 | -8 |
| Expected activity | -3 | -11 | -8 | -4 | -5 |
| Expected demand | -6 | -13 | -10 | -10 | -8 |
| Past employment | 0 | -6 | -9 | -4 | -9 |
| Expected employment | 0 | -6 | -6 | -4 | -6 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 95 | 98 | 99 | 97 |
| General outlook | -3 | -5 | -5 | -3 | -7 |
| Past activity | 5 | -2 | -4 | 3 | -3 |
| Expected activity | 4 | -3 | 2 | 3 | -1 |
| Expected demand | 2 | -5 | 2 | 3 | 3 |
| Past employment | 6 | -8 | -9 | -4 | -26 |
| Expected employment | 6 | -5 | 2 | -7 | -1 |
- 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 December 2025 has not been revised (after rounding).
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 26 December 2025 and 20 January 2026 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: 24 February 2026 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 26 December 2025 and 20 January 2026 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: 24 February 2026 at 8:45 am.