Informations Rapides ·
23 January 2026 · n° 018
In January 2026, foreign demand, both past and expected, is deemed more dynamic than
three months ago Quarterly business survey (goods-producing industries) - January 2026
In January 2026, business leaders in manufacturing industry deem foreign demand, both past and expected, to be more dynamic than three months ago. However, their opinion concerning the evolution, both past and expected, of global demand is stable. Besides, the share of companies that are estimating themselves at the limit of their production capacity has decreased compared to October 2025.
Every three months (in January, April, July and October), the questionnaire of the monthly business survey in the goods-producing industries is enhanced by several questions completing the usual monthly questioning. Answers to these questions are therefore compared to those of three months ago and not to the results of last month, unlike the information presented in the other “Informations Rapides” on the business surveys.
- According to industrials, foreign demand, both past and expected, has been more dynamic than three months ago
- Production bottlenecks and the production capacity utilisation rate have declined
- Investment prospects have fallen back
- Hiring difficulties have slightly rebounded
- General prospects for changes in hourly wages have rebounded
- For further information
In January 2026, business leaders in manufacturing industry deem foreign demand, both past and expected, to be more dynamic than three months ago. However, their opinion concerning the evolution, both past and expected, of global demand is stable. Besides, the share of companies that are estimating themselves at the limit of their production capacity has decreased compared to October 2025.
According to industrials, foreign demand, both past and expected, has been more dynamic than three months ago
In January 2026, the balances of opinion on the evolution of foreign demand, both past and expected, have increased again. Both have moved away from their average. However, the balances of opinion relating to the evolution of global demand, both past and expected, are stable. The one associated with past demand stands just above its average while the one associated with expected demand is markedly above its own.
Production bottlenecks and the production capacity utilisation rate have declined
The share of industrial companies reporting to be at the limit of their production capacity (production bottlenecks) has decreased again in January 2026: 32% have estimated that they would not be able to increase their production with their current means if they received more orders, compared with 38% in October 2025. This proportion remains above its average. Slightly more business leaders than three months ago consider their production capacities sufficient given the expected change in orders over the coming months: the associated balance of opinion has slightly increased again but remains well below its long-period average. The production capacity utilisation rate has slightly diminished: at 81%, it has moved away from its average level.
Investment prospects have fallen back
The balance of opinion on the expected change in investment over the next three months has fallen back, more markedly than usual in January (for this non-seasonally adjusted series, collected since October 2021).
tableauIndustrialists’ opinion: demand and production factors
| Manufacturing industry | Average* | Apr. 25 | Jul. 25 | Oct. 25 | Jan. 26 |
|---|---|---|---|---|---|
| Overall demand | |||||
| Past change | 1 | 2 | 3 | 2 | 2 |
| Expected change | 2 | 5 | 0 | 10 | 10 |
| Foreign demand | |||||
| Past change | 2 | 13 | 3 | 5 | 8 |
| Expected change | 4 | 8 | 0 | 11 | 17 |
| Production factors | |||||
| Production bottlenecks (in %) | 24 | 38 | 40 | 38 | 32 |
| Assessment of productive capacity | 12 | 0 | 0 | 1 | 2 |
| Production capacity utilisation rate (in %) | 83 | 82 | 82 | 82 | 81 |
| Expected change in investments** | 15 | 10 | 10 | 15 | 3 |
- *: Long-term average since 1976, expect for the question on the expected change in investments (since 2021).
- **: Non seasonally adjusted data, as this series has been only collected since 2021.
- The results of the latest survey are preliminary.
- Source: INSEE – Quarterly business survey in industry.
Hiring difficulties have slightly rebounded
In January 2026, the share of companies reporting experiencing recruitment difficulties has slightly rebounded after having declined continuously since October 2022. These difficulties remain common: 39% of business leaders have reported experiencing them, a proportion that remains higher than the long-term average.
General prospects for changes in hourly wages have rebounded
In January 2026, the balance of opinion on the general prospects for changes in hourly wages in the manufacturing industry has rebounded, after having declined almost continuously over the past three years. It remains however well below its long-term average.
Business leaders report, on average, that their selling prices have increased by 0.1% over the last three months. For the next three months, they anticipate a slight decrease of 0.1% in their selling prices.
The cash position of industrial companies is deemed better compared with October: the associated balance has increased and has returned to its average (non-seasonally adjusted series).
tableauIndustrialists’ opinion: employment, selling prices and cash-flow
| Manufacturing industry | Average* | Apr. 25 | Jul. 25 | Oct. 25 | Jan. 26 |
|---|---|---|---|---|---|
| Workforce size | |||||
| Hiring difficulties (in %) | 33 | 41 | 39 | 38 | 39 |
| General wages prospects | -39 | -63 | -65 | -70 | -65 |
| Selling prices** and cash-flow | |||||
| Past change in selling prices (in %) | 0.2 | -0.1 | -0.1 | -0.1 | 0.1 |
| Expected change in selling prices (in %) | 0.2 | 0.6 | 0.2 | 0.1 | -0.1 |
| Cash-flow problems*** | -8 | -7 | -11 | -11 | -8 |
- *: Long-term average since 1991 except for cash-flow problems (since 2021).
- **: For the changes in selling-prices, a quantitative question is asked quarterly in the business survey, in addition to the qualitative question asked monthly.
- ***: Non seasonally adjusted data, as this series has been only collected since 2021.
- The results of the latest survey are preliminary.
- Source: INSEE – Quarterly business survey in industry.
For further information
Quarterly questions, especially as regards demand and production factors, complete the monthly survey published on 23 January 2026.
A balance of opinion is calculated as the difference between the percentage of “increase” responses and the 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.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Answers to this survey have been collected from 26 December 2025 to 20 January 2026.
Next issue: 23 April 2026 at 8:45 am.
Pour en savoir plus
Quarterly questions, especially as regards demand and production factors, complete the monthly survey published on 23 January 2026.
A balance of opinion is calculated as the difference between the percentage of “increase” responses and the 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.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Answers to this survey have been collected from 26 December 2025 to 20 January 2026.
Next issue: 23 April 2026 at 8:45 am.