Informations Rapides ·
23 January 2026 · n° 12
In January 2026, the business climate has maintained but the employment climate has
darkened Business indicator - January 2026
In January 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors is stable at 99, almost at its average level (100); the one of employment climate has decreased again.
In January 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors is stable at 99, almost at its average level (100); the one of employment climate has decreased again.
In January 2026, the business climate indicator has stabilised almost at its average level
In January 2026, the synthetic indicator of business climate in France is stable compared to December, at its highest level since June 2024. At 99, it has almost reached its long term average (100). The business climate has brightened in manufacturing industry and wholesale trade, is stable in services and building construction and has clearly retreated in retail trade.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-01 | 99.0 |
| 2025-12 | 98.8 |
| 2025-11 | 97.7 |
| 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 | 100.3 |
| 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 | 102.8 |
| 2022-12 | 103.4 |
| 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 | 114.5 |
| 2021-09 | 112.1 |
| 2021-08 | 111.1 |
| 2021-07 | 113.5 |
| 2021-06 | 115.3 |
| 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 | 58.6 |
| 2020-04 | 45.6 |
| 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 | 106.4 |
| 2019-06 | 107.2 |
| 2019-05 | 107.3 |
| 2019-04 | 107.6 |
| 2019-03 | 106.2 |
| 2019-02 | 104.9 |
| 2019-01 | 104.6 |
| 2018-12 | 104.1 |
| 2018-11 | 107.0 |
| 2018-10 | 106.7 |
| 2018-09 | 107.6 |
| 2018-08 | 107.9 |
| 2018-07 | 108.3 |
| 2018-06 | 109.2 |
| 2018-05 | 109.7 |
| 2018-04 | 111.4 |
| 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 | 108.9 |
| 2017-05 | 108.0 |
| 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 | 104.5 |
| 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 | 102.3 |
| 2015-08 | 103.1 |
| 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 | 93.9 |
| 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 | 88.2 |
| 2012-11 | 87.4 |
| 2012-10 | 85.9 |
| 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 | 106.5 |
| 2011-06 | 108.0 |
| 2011-05 | 108.3 |
| 2011-04 | 109.0 |
| 2011-03 | 109.9 |
| 2011-02 | 109.4 |
| 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 | 90.5 |
| 2009-10 | 88.8 |
| 2009-09 | 85.9 |
| 2009-08 | 82.9 |
| 2009-07 | 79.7 |
| 2009-06 | 77.6 |
| 2009-05 | 73.9 |
| 2009-04 | 70.7 |
| 2009-03 | 69.0 |
| 2009-02 | 72.7 |
| 2009-01 | 74.5 |
| 2008-12 | 76.1 |
| 2008-11 | 79.1 |
| 2008-10 | 82.7 |
| 2008-09 | 92.4 |
| 2008-08 | 94.7 |
| 2008-07 | 96.0 |
| 2008-06 | 99.8 |
| 2008-05 | 103.3 |
| 2008-04 | 106.0 |
| 2008-03 | 108.3 |
| 2008-02 | 108.5 |
| 2008-01 | 109.6 |
| 2007-12 | 110.2 |
| 2007-11 | 110.4 |
| 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 | 111.8 |
| 2007-01 | 109.9 |
| 2006-12 | 109.9 |
| 2006-11 | 111.6 |
| 2006-10 | 109.7 |
| 2006-09 | 109.7 |
| 2006-08 | 109.1 |
| 2006-07 | 108.5 |
| 2006-06 | 106.4 |
| 2006-05 | 106.9 |
| 2006-04 | 105.1 |
| 2006-03 | 104.5 |
| 2006-02 | 104.0 |
| 2006-01 | 106.5 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In January 2026, the business climate in manufacturing industry has risen again. At 105, the synthetic indicator has won three points, has moved away from its long-term average (100) and has reached its highest level since July 2022. This rise is notably due to the increase in the balances of opinion relating to personal production prospects and to the level of order books.
The bimonthly business climate in wholesale trade has recovered, rebounding compared to November 2025. At 100 (after rounding), it has returned to its long-term average for the first time since November 2022. The balances related to past export sales and ordering intentions have clearly rebounded.
The business climate in services has maintained. At 98, the synthetic indicator is stable, below its long-term average (100). The opinion of business leaders concerning both their expected activity and demand is stable compared to December.
The business climate has also maintained in building construction. At 97, the synthetic indicator remains below its long-term average (100). The business leaders' opinion on both their past and expected activity is stable compared to December.
Lastly, the business climate has clearly retreated in the whole sector comprising retail trade and trade and repair of motor vehicles. At 99, the synthetic indicator has lost five points and has come back just below its long-term average (100), erasing almost all of the sharp increase observed last month. This downturn results from the decrease in balances on ordering intentions, particularly in retail trade (excluding motor vehicles).
tableauBusiness and employment climates
| Sep. 25 | Oct. 25 | Nov. 25 | Dec. 25 | Jan. 26 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 96 | 97 | 98 | 99 | 99 |
| Manufacturing industry | 97 | 101 | 98 | 102 | 105 |
| Building construction | 98 | 96 | 95 | 97 | 97 |
| Services | 98 | 95 | 98 | 98 | 98 |
| Retail trade* | 92 | 99 | 97 | 104 | 99 |
| Wholesale trade | 98 | 98 | 100 | ||
| Employment | 93 | 95 | 96 | 95 | 93 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has darkened again
In January 2026, the synthetic indicator of employment climate has lost two points and has moved further away from its long-term average. This is mainly due to the deterioration in the balance of both past and future workforce size in services (excluding temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2026-01 | 93.1 |
| 2025-12 | 94.5 |
| 2025-11 | 96.4 |
| 2025-10 | 94.7 |
| 2025-09 | 93.4 |
| 2025-08 | 94.8 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.7 |
| 2025-04 | 97.8 |
| 2025-03 | 96.4 |
| 2025-02 | 93.5 |
| 2025-01 | 97.1 |
| 2024-12 | 96.5 |
| 2024-11 | 98.4 |
| 2024-10 | 97.4 |
| 2024-09 | 98.6 |
| 2024-08 | 98.4 |
| 2024-07 | 97.2 |
| 2024-06 | 100.1 |
| 2024-05 | 101.8 |
| 2024-04 | 102.2 |
| 2024-03 | 100.9 |
| 2024-02 | 103.0 |
| 2024-01 | 99.7 |
| 2023-12 | 101.0 |
| 2023-11 | 99.9 |
| 2023-10 | 103.0 |
| 2023-09 | 104.1 |
| 2023-08 | 102.2 |
| 2023-07 | 106.4 |
| 2023-06 | 106.6 |
| 2023-05 | 107.0 |
| 2023-04 | 110.5 |
| 2023-03 | 109.7 |
| 2023-02 | 110.2 |
| 2023-01 | 111.4 |
| 2022-12 | 110.1 |
| 2022-11 | 109.0 |
| 2022-10 | 109.5 |
| 2022-09 | 108.5 |
| 2022-08 | 109.4 |
| 2022-07 | 111.2 |
| 2022-06 | 109.2 |
| 2022-05 | 111.2 |
| 2022-04 | 112.6 |
| 2022-03 | 113.7 |
| 2022-02 | 114.5 |
| 2022-01 | 110.8 |
| 2021-12 | 110.4 |
| 2021-11 | 113.2 |
| 2021-10 | 112.6 |
| 2021-09 | 106.6 |
| 2021-08 | 108.3 |
| 2021-07 | 108.2 |
| 2021-06 | 106.7 |
| 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 | 89.4 |
| 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 | 106.1 |
| 2019-12 | 107.6 |
| 2019-11 | 107.5 |
| 2019-10 | 107.2 |
| 2019-09 | 107.2 |
| 2019-08 | 108.0 |
| 2019-07 | 107.3 |
| 2019-06 | 108.2 |
| 2019-05 | 106.3 |
| 2019-04 | 108.8 |
| 2019-03 | 108.5 |
| 2019-02 | 108.3 |
| 2019-01 | 106.6 |
| 2018-12 | 105.4 |
| 2018-11 | 104.9 |
| 2018-10 | 107.5 |
| 2018-09 | 107.2 |
| 2018-08 | 108.4 |
| 2018-07 | 108.5 |
| 2018-06 | 109.8 |
| 2018-05 | 110.8 |
| 2018-04 | 110.3 |
| 2018-03 | 110.8 |
| 2018-02 | 109.5 |
| 2018-01 | 109.5 |
| 2017-12 | 108.6 |
| 2017-11 | 107.2 |
| 2017-10 | 108.1 |
| 2017-09 | 106.5 |
| 2017-08 | 106.1 |
| 2017-07 | 106.7 |
| 2017-06 | 107.4 |
| 2017-05 | 107.7 |
| 2017-04 | 107.2 |
| 2017-03 | 107.6 |
| 2017-02 | 104.5 |
| 2017-01 | 105.7 |
| 2016-12 | 106.4 |
| 2016-11 | 105.5 |
| 2016-10 | 104.8 |
| 2016-09 | 105.1 |
| 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 | 101.3 |
| 2015-12 | 100.5 |
| 2015-11 | 101.3 |
| 2015-10 | 99.5 |
| 2015-09 | 99.6 |
| 2015-08 | 100.1 |
| 2015-07 | 99.1 |
| 2015-06 | 98.7 |
| 2015-05 | 96.7 |
| 2015-04 | 96.6 |
| 2015-03 | 94.6 |
| 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 | 96.2 |
| 2014-04 | 96.9 |
| 2014-03 | 95.1 |
| 2014-02 | 93.6 |
| 2014-01 | 94.1 |
| 2013-12 | 93.7 |
| 2013-11 | 92.8 |
| 2013-10 | 93.6 |
| 2013-09 | 91.1 |
| 2013-08 | 90.4 |
| 2013-07 | 89.6 |
| 2013-06 | 88.6 |
| 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 | 91.3 |
| 2012-09 | 91.4 |
| 2012-08 | 93.0 |
| 2012-07 | 92.2 |
| 2012-06 | 93.4 |
| 2012-05 | 94.6 |
| 2012-04 | 97.7 |
| 2012-03 | 98.4 |
| 2012-02 | 97.4 |
| 2012-01 | 97.7 |
| 2011-12 | 98.4 |
| 2011-11 | 100.5 |
| 2011-10 | 99.6 |
| 2011-09 | 103.6 |
| 2011-08 | 105.2 |
| 2011-07 | 109.7 |
| 2011-06 | 111.1 |
| 2011-05 | 111.2 |
| 2011-04 | 109.0 |
| 2011-03 | 109.0 |
| 2011-02 | 110.5 |
| 2011-01 | 102.8 |
| 2010-12 | 105.5 |
| 2010-11 | 104.2 |
| 2010-10 | 102.8 |
| 2010-09 | 99.8 |
| 2010-08 | 98.2 |
| 2010-07 | 97.6 |
| 2010-06 | 97.5 |
| 2010-05 | 96.5 |
| 2010-04 | 95.1 |
| 2010-03 | 93.1 |
| 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 | 113.1 |
| 2008-03 | 112.9 |
| 2008-02 | 114.4 |
| 2008-01 | 114.6 |
| 2007-12 | 114.7 |
| 2007-11 | 113.9 |
| 2007-10 | 112.4 |
| 2007-09 | 114.1 |
| 2007-08 | 113.5 |
| 2007-07 | 111.7 |
| 2007-06 | 113.6 |
| 2007-05 | 114.6 |
| 2007-04 | 112.0 |
| 2007-03 | 111.5 |
| 2007-02 | 112.2 |
| 2007-01 | 109.8 |
| 2006-12 | 112.1 |
| 2006-11 | 111.3 |
| 2006-10 | 109.9 |
| 2006-09 | 108.8 |
| 2006-08 | 110.0 |
| 2006-07 | 110.6 |
| 2006-06 | 111.4 |
| 2006-05 | 108.9 |
| 2006-04 | 108.3 |
| 2006-03 | 105.8 |
| 2006-02 | 105.1 |
| 2006-01 | 105.1 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The indicator of the business climate in building construction for December 2025 has been revised upwards by one point (after rounding). This revision is 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 26 December 2025 and 20 January 2026; most companies answer during the first two weeks of collection.
Next issue: 24 February 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 26 December 2025 and 20 January 2026; most companies answer during the first two weeks of collection.
Next issue: 24 February 2025 at 08:45 am.