Informations Rapides ·
26 March 2026 · n° 71
In March 2026, the business climate remains gloomy Business indicator - March 2026
In March 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, remains stable at 97 (after rounding), below its average level (100) for two years. The one of employment climate has won one point but stands clearly below its long-term average.
Responses to business surveys have been collected between 26 February and 23 March 2026; in terms of turnover, about three quarters of responses have been collected after the beginning of the war in the Middle East (28 February 2026).
In March 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, remains stable at 97 (after rounding), below its average level (100) for two years. The one of employment climate has won one point but stands clearly below its long-term average.
In March 2026, the business climate indicator remains below its average for the twenty-fourth month in a row
In March 2026, the synthetic indicator of business climate in France remains stable at 97 (after rounding), below its average level (100). The business climate has deteriorated in wholesale trade and manufacturing industry, remains stable in services, and has improved in building construction and retail trade.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-03 | 96.9 |
| 2026-02 | 97.5 |
| 2026-01 | 99.4 |
| 2025-12 | 98.8 |
| 2025-11 | 97.7 |
| 2025-10 | 96.6 |
| 2025-09 | 95.9 |
| 2025-08 | 96.2 |
| 2025-07 | 95.9 |
| 2025-06 | 96.0 |
| 2025-05 | 95.5 |
| 2025-04 | 97.1 |
| 2025-03 | 96.7 |
| 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 | 100.7 |
| 2023-06 | 100.9 |
| 2023-05 | 100.6 |
| 2023-04 | 103.6 |
| 2023-03 | 103.0 |
| 2023-02 | 103.6 |
| 2023-01 | 102.8 |
| 2022-12 | 103.4 |
| 2022-11 | 103.0 |
| 2022-10 | 103.0 |
| 2022-09 | 102.2 |
| 2022-08 | 104.3 |
| 2022-07 | 103.7 |
| 2022-06 | 105.0 |
| 2022-05 | 106.4 |
| 2022-04 | 107.1 |
| 2022-03 | 107.3 |
| 2022-02 | 114.2 |
| 2022-01 | 109.2 |
| 2021-12 | 110.9 |
| 2021-11 | 114.9 |
| 2021-10 | 114.5 |
| 2021-09 | 112.2 |
| 2021-08 | 111.1 |
| 2021-07 | 113.6 |
| 2021-06 | 115.3 |
| 2021-05 | 111.1 |
| 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 | 45.5 |
| 2020-03 | 93.8 |
| 2020-02 | 106.1 |
| 2020-01 | 106.9 |
| 2019-12 | 106.7 |
| 2019-11 | 107.1 |
| 2019-10 | 107.1 |
| 2019-09 | 107.1 |
| 2019-08 | 106.4 |
| 2019-07 | 106.4 |
| 2019-06 | 107.2 |
| 2019-05 | 107.3 |
| 2019-04 | 107.6 |
| 2019-03 | 106.2 |
| 2019-02 | 105.0 |
| 2019-01 | 104.7 |
| 2018-12 | 104.1 |
| 2018-11 | 107.1 |
| 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 | 113.0 |
| 2017-12 | 113.6 |
| 2017-11 | 112.4 |
| 2017-10 | 111.2 |
| 2017-09 | 111.2 |
| 2017-08 | 110.9 |
| 2017-07 | 109.9 |
| 2017-06 | 108.9 |
| 2017-05 | 108.0 |
| 2017-04 | 107.5 |
| 2017-03 | 106.8 |
| 2017-02 | 107.5 |
| 2017-01 | 106.5 |
| 2016-12 | 106.1 |
| 2016-11 | 103.8 |
| 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 | 103.2 |
| 2015-10 | 103.1 |
| 2015-09 | 102.3 |
| 2015-08 | 103.1 |
| 2015-07 | 101.3 |
| 2015-06 | 100.9 |
| 2015-05 | 99.7 |
| 2015-04 | 98.6 |
| 2015-03 | 97.0 |
| 2015-02 | 95.8 |
| 2015-01 | 94.9 |
| 2014-12 | 94.0 |
| 2014-11 | 93.8 |
| 2014-10 | 91.8 |
| 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 | 90.6 |
| 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 | 101.4 |
| 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 | 108.2 |
| 2010-12 | 107.3 |
| 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 | 90.6 |
| 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 | 72.6 |
| 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 | 96.1 |
| 2008-06 | 99.8 |
| 2008-05 | 103.3 |
| 2008-04 | 106.0 |
| 2008-03 | 108.4 |
| 2008-02 | 108.5 |
| 2008-01 | 109.6 |
| 2007-12 | 110.2 |
| 2007-11 | 110.4 |
| 2007-10 | 110.2 |
| 2007-09 | 111.4 |
| 2007-08 | 112.1 |
| 2007-07 | 113.2 |
| 2007-06 | 114.1 |
| 2007-05 | 113.1 |
| 2007-04 | 112.8 |
| 2007-03 | 112.2 |
| 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 | 108.6 |
| 2006-06 | 106.5 |
| 2006-05 | 106.9 |
| 2006-04 | 105.1 |
| 2006-03 | 104.5 |
| 2006-02 | 104.1 |
| 2006-01 | 106.5 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In March 2026, the bimonthly business climate in wholesale trade has sharply darkened. At 95, the synthetic indicator has lost five points compared to January 2026 and has left its long-term average (100). This deterioration is mainly due to the downturn in balances related to past sales (including export sales).
The business climate has diminished again in manufacturing industry. At 99, the synthetic indicator has lost three points, and has moved back below its long-term average (100). The balance related to past production and the ones on order books, both overall and foreign, have diminished again, mainly in manufacturing of “other transport equipment”.
The business climate maintains in services. At 96, the synthetic indicator remains below its long term average (100) since November 2024. The business climate is especially gloomy in corporate services.
The business climate has slightly brightened in building construction. At 97, the synthetic indicator has won one point (after rounding) but remains below its long-term average (100). The business leaders' opinion on their past activity is stable, whereas the one on their order books has slightly improved.
Lastly, the business climate has slightly rebounded in the whole sector comprising retail trade and trade and repair of motor vehicles. At 99, the synthetic indicator has won one point and has moved closer to its long-term average (100). This improvement mainly results from the increase in balances related to ordering intentions.
tableauBusiness and employment climates
| Nov. 25 | Dec. 25 | Jan. 26 | Feb. 26 | Mar. 26 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 98 | 99 | 99 | 97 | 97 |
| Manufacturing industry | 98 | 102 | 105 | 102 | 99 |
| Building construction | 95 | 96 | 97 | 96 | 97 |
| Services | 98 | 98 | 98 | 96 | 96 |
| Retail trade* | 97 | 104 | 99 | 98 | 99 |
| Wholesale trade | 98 | 100 | 95 | ||
| Employment | 96 | 94 | 94 | 93 | 94 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has brightened a little
In March 2026, the synthetic indicator of employment climate has rebounded. At 94, il has won one point but stands clearly below its long-term average (100). This is mainly due to the improvement in the balances of future workforce size in services (including temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2026-03 | 94.2 |
| 2026-02 | 93.1 |
| 2026-01 | 93.7 |
| 2025-12 | 94.4 |
| 2025-11 | 96.3 |
| 2025-10 | 94.7 |
| 2025-09 | 93.4 |
| 2025-08 | 94.9 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.6 |
| 2025-04 | 97.9 |
| 2025-03 | 96.6 |
| 2025-02 | 93.6 |
| 2025-01 | 97.2 |
| 2024-12 | 96.4 |
| 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 | 102.3 |
| 2024-03 | 101.0 |
| 2024-02 | 103.1 |
| 2024-01 | 99.7 |
| 2023-12 | 101.0 |
| 2023-11 | 99.9 |
| 2023-10 | 103.0 |
| 2023-09 | 104.1 |
| 2023-08 | 102.3 |
| 2023-07 | 106.4 |
| 2023-06 | 106.6 |
| 2023-05 | 107.1 |
| 2023-04 | 110.5 |
| 2023-03 | 109.8 |
| 2023-02 | 110.3 |
| 2023-01 | 111.5 |
| 2022-12 | 110.2 |
| 2022-11 | 109.0 |
| 2022-10 | 109.5 |
| 2022-09 | 108.5 |
| 2022-08 | 109.5 |
| 2022-07 | 111.3 |
| 2022-06 | 109.3 |
| 2022-05 | 111.2 |
| 2022-04 | 112.6 |
| 2022-03 | 113.8 |
| 2022-02 | 114.5 |
| 2022-01 | 110.8 |
| 2021-12 | 110.4 |
| 2021-11 | 113.3 |
| 2021-10 | 112.7 |
| 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 | 89.5 |
| 2020-09 | 91.6 |
| 2020-08 | 88.9 |
| 2020-07 | 79.0 |
| 2020-06 | 68.4 |
| 2020-05 | 50.6 |
| 2020-04 | 42.0 |
| 2020-03 | 97.7 |
| 2020-02 | 105.9 |
| 2020-01 | 106.1 |
| 2019-12 | 107.6 |
| 2019-11 | 107.5 |
| 2019-10 | 107.3 |
| 2019-09 | 107.2 |
| 2019-08 | 108.0 |
| 2019-07 | 107.3 |
| 2019-06 | 108.3 |
| 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 | 105.0 |
| 2018-10 | 107.5 |
| 2018-09 | 107.2 |
| 2018-08 | 108.5 |
| 2018-07 | 108.5 |
| 2018-06 | 109.8 |
| 2018-05 | 110.9 |
| 2018-04 | 110.3 |
| 2018-03 | 110.8 |
| 2018-02 | 109.6 |
| 2018-01 | 109.5 |
| 2017-12 | 108.6 |
| 2017-11 | 107.3 |
| 2017-10 | 108.1 |
| 2017-09 | 106.5 |
| 2017-08 | 106.1 |
| 2017-07 | 106.7 |
| 2017-06 | 107.5 |
| 2017-05 | 107.7 |
| 2017-04 | 107.2 |
| 2017-03 | 107.6 |
| 2017-02 | 104.5 |
| 2017-01 | 105.8 |
| 2016-12 | 106.4 |
| 2016-11 | 105.5 |
| 2016-10 | 104.8 |
| 2016-09 | 105.1 |
| 2016-08 | 102.5 |
| 2016-07 | 104.7 |
| 2016-06 | 101.0 |
| 2016-05 | 101.6 |
| 2016-04 | 99.6 |
| 2016-03 | 99.3 |
| 2016-02 | 100.5 |
| 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 | 98.8 |
| 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 | 94.7 |
| 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 | 89.4 |
| 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 | 97.8 |
| 2012-03 | 98.4 |
| 2012-02 | 97.4 |
| 2012-01 | 97.7 |
| 2011-12 | 98.5 |
| 2011-11 | 100.5 |
| 2011-10 | 99.7 |
| 2011-09 | 103.7 |
| 2011-08 | 105.2 |
| 2011-07 | 109.7 |
| 2011-06 | 111.2 |
| 2011-05 | 111.2 |
| 2011-04 | 109.0 |
| 2011-03 | 109.1 |
| 2011-02 | 110.5 |
| 2011-01 | 102.9 |
| 2010-12 | 105.5 |
| 2010-11 | 104.2 |
| 2010-10 | 102.8 |
| 2010-09 | 99.8 |
| 2010-08 | 98.3 |
| 2010-07 | 97.6 |
| 2010-06 | 97.6 |
| 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 | 74.4 |
| 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 | 101.4 |
| 2008-07 | 106.8 |
| 2008-06 | 104.7 |
| 2008-05 | 108.8 |
| 2008-04 | 113.1 |
| 2008-03 | 113.0 |
| 2008-02 | 114.5 |
| 2008-01 | 114.7 |
| 2007-12 | 114.7 |
| 2007-11 | 113.9 |
| 2007-10 | 112.5 |
| 2007-09 | 114.1 |
| 2007-08 | 113.5 |
| 2007-07 | 111.8 |
| 2007-06 | 113.6 |
| 2007-05 | 114.7 |
| 2007-04 | 112.0 |
| 2007-03 | 111.6 |
| 2007-02 | 112.3 |
| 2007-01 | 109.9 |
| 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 | 111.5 |
| 2006-05 | 109.0 |
| 2006-04 | 108.4 |
| 2006-03 | 105.8 |
| 2006-02 | 105.1 |
| 2006-01 | 105.1 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The indicator of business climate in services for February has been revised upwards by one point (after rounding) and the one in building construction downwards by one point. These revisions are 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 February and 23 March 2026; most companies answer during the first two weeks of collection.
Next issue: 23 April 2026 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 February and 23 March 2026; most companies answer during the first two weeks of collection.
Next issue: 23 April 2026 at 08:45 am.