Informations Rapides ·
23 April 2026 · n° 95
In April 2026, the business climate has sharply darkened Business indicator - April 2026
In April 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has clearly darkened. At 94, it has lost three points and has reached back its July 2024 level. In every sector, the general business outlook has deteriorated and the balance on expected prices has increased. The employment climate remains stable at 95, below its long-term average.
In April 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has clearly darkened. At 94, it has lost three points and has reached back its July 2024 level. In every sector, the general business outlook has deteriorated and the balance on expected prices has increased. The employment climate remains stable at 95, below its long-term average.
In April 2026, the business climate indicator has lost three points
In April 2026, the synthetic indicator of business climate in France has lost three points ; at 94, it stands well below its average level (100). The business climate has clearly deteriorated in retail trade, has darkened in services, remains stable in building construction, and has slightly rebounded in manufacturing industry. In every sector, the general business outlook has deteriorated and the balance on expected prices has increased.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-04 | 94.0 |
| 2026-03 | 97.2 |
| 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 | 96.1 |
| 2025-05 | 95.5 |
| 2025-04 | 97.1 |
| 2025-03 | 96.7 |
| 2025-02 | 96.0 |
| 2025-01 | 95.5 |
| 2024-12 | 95.0 |
| 2024-11 | 96.1 |
| 2024-10 | 97.1 |
| 2024-09 | 97.4 |
| 2024-08 | 96.7 |
| 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 | 102.3 |
| 2022-08 | 104.3 |
| 2022-07 | 103.7 |
| 2022-06 | 105.0 |
| 2022-05 | 106.5 |
| 2022-04 | 107.2 |
| 2022-03 | 107.3 |
| 2022-02 | 114.2 |
| 2022-01 | 109.2 |
| 2021-12 | 110.9 |
| 2021-11 | 115.0 |
| 2021-10 | 114.5 |
| 2021-09 | 112.2 |
| 2021-08 | 111.1 |
| 2021-07 | 113.6 |
| 2021-06 | 115.4 |
| 2021-05 | 111.1 |
| 2021-04 | 97.3 |
| 2021-03 | 98.3 |
| 2021-02 | 91.2 |
| 2021-01 | 94.4 |
| 2020-12 | 93.4 |
| 2020-11 | 78.0 |
| 2020-10 | 90.5 |
| 2020-09 | 93.9 |
| 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 | 106.8 |
| 2019-11 | 107.1 |
| 2019-10 | 107.1 |
| 2019-09 | 107.2 |
| 2019-08 | 106.4 |
| 2019-07 | 106.4 |
| 2019-06 | 107.2 |
| 2019-05 | 107.3 |
| 2019-04 | 107.7 |
| 2019-03 | 106.2 |
| 2019-02 | 105.0 |
| 2019-01 | 104.7 |
| 2018-12 | 104.2 |
| 2018-11 | 107.1 |
| 2018-10 | 106.8 |
| 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 | 111.3 |
| 2017-08 | 110.9 |
| 2017-07 | 109.9 |
| 2017-06 | 108.9 |
| 2017-05 | 108.0 |
| 2017-04 | 107.6 |
| 2017-03 | 106.8 |
| 2017-02 | 107.5 |
| 2017-01 | 106.6 |
| 2016-12 | 106.2 |
| 2016-11 | 103.8 |
| 2016-10 | 103.8 |
| 2016-09 | 103.6 |
| 2016-08 | 103.5 |
| 2016-07 | 104.0 |
| 2016-06 | 103.1 |
| 2016-05 | 104.5 |
| 2016-04 | 102.4 |
| 2016-03 | 103.2 |
| 2016-02 | 103.2 |
| 2016-01 | 104.3 |
| 2015-12 | 101.8 |
| 2015-11 | 103.2 |
| 2015-10 | 103.2 |
| 2015-09 | 102.3 |
| 2015-08 | 103.1 |
| 2015-07 | 101.4 |
| 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 | 91.9 |
| 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 | 101.4 |
| 2011-07 | 106.5 |
| 2011-06 | 108.0 |
| 2011-05 | 108.3 |
| 2011-04 | 109.0 |
| 2011-03 | 110.0 |
| 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 | 100.9 |
| 2010-07 | 98.7 |
| 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 | 112.2 |
| 2007-07 | 113.3 |
| 2007-06 | 114.1 |
| 2007-05 | 113.1 |
| 2007-04 | 112.8 |
| 2007-03 | 112.2 |
| 2007-02 | 111.8 |
| 2007-01 | 110.0 |
| 2006-12 | 109.9 |
| 2006-11 | 111.6 |
| 2006-10 | 109.8 |
| 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 April 2026, the business climate has clearly deteriorated in the whole sector comprising retail trade and trade and repair of motor vehicles. At 94, the synthetic indicator has lost six points and has moved away from its long-term average (100). This decline results from the strong fall in balances related to ordering intentions and to general business outlook.
The business climate has also darkened in services. At 94, the synthetic indicator has lost two points and has reached its lowest level since April 2015, excluding health crisis period. It stands below its long term average (100) for the eighteenth month in a row. It is below its average in every sub-sector of services.
The business climate is stable in building construction. At 96, the synthetic indicator remains below its long-term average (100). The business leaders' opinion on their future activity has strongly deteriorated, whereas the one on their past activity has rebounded a bit, both of them standing below their average.
Lastly, the business climate has slightly rebounded in manufacturing industry. At 100, the synthetic indicator has won one point and has reached its long-term average back. This increase is mainly due to the rebound in balances of opinion on past production and on overall order books.
tableauBusiness and employment climates
| Dec. 25 | Jan. 26 | Feb. 26 | Mar. 26 | Apr. 26 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 99 | 99 | 97 | 97 | 94 |
| Manufacturing industry | 102 | 105 | 102 | 99 | 100 |
| Building construction | 96 | 97 | 96 | 96 | 96 |
| Services | 98 | 98 | 96 | 96 | 94 |
| Retail trade* | 104 | 99 | 98 | 100 | 94 |
| Wholesale trade | 100 | 95 | |||
| Employment | 94 | 94 | 93 | 95 | 95 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator remains gloomy
In April 2026, the synthetic indicator of employment climate remains gloomy. At 95, it is stable, below its long-term average (100).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2026-04 | 94.9 |
| 2026-03 | 95.1 |
| 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 | 94.8 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.7 |
| 2025-04 | 98.0 |
| 2025-03 | 96.5 |
| 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 | 100.2 |
| 2024-05 | 101.8 |
| 2024-04 | 102.4 |
| 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 | 110.6 |
| 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 | 114.6 |
| 2022-01 | 110.9 |
| 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 | 101.3 |
| 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 | 41.9 |
| 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 | 108.9 |
| 2019-03 | 108.6 |
| 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 | 108.6 |
| 2018-06 | 109.8 |
| 2018-05 | 110.9 |
| 2018-04 | 110.3 |
| 2018-03 | 110.9 |
| 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 | 107.8 |
| 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 | 104.9 |
| 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 | 101.4 |
| 2015-10 | 99.5 |
| 2015-09 | 99.6 |
| 2015-08 | 100.1 |
| 2015-07 | 99.2 |
| 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 | 93.5 |
| 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 | 109.8 |
| 2011-06 | 111.2 |
| 2011-05 | 111.3 |
| 2011-04 | 109.0 |
| 2011-03 | 109.1 |
| 2011-02 | 110.6 |
| 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 | 100.3 |
| 2008-08 | 101.4 |
| 2008-07 | 106.8 |
| 2008-06 | 104.7 |
| 2008-05 | 108.8 |
| 2008-04 | 113.2 |
| 2008-03 | 113.0 |
| 2008-02 | 114.5 |
| 2008-01 | 114.7 |
| 2007-12 | 114.8 |
| 2007-11 | 113.9 |
| 2007-10 | 112.5 |
| 2007-09 | 114.2 |
| 2007-08 | 113.6 |
| 2007-07 | 111.8 |
| 2007-06 | 113.7 |
| 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 | 105.9 |
| 2006-02 | 105.1 |
| 2006-01 | 105.1 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The indicator of business climate in retail trade for March has been revised upwards by one point (after rounding), so has the employment climate indicator; the one of business climate in building construction has been revised downwards by one point (after rounding). 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 March and 20 April 2026; most companies answer during the first two weeks of collection.
Next issue: 22 May 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 March and 20 April 2026; most companies answer during the first two weeks of collection.
Next issue: 22 May 2026 at 08:45 am.