Informations Rapides ·
22 May 2026 · n° 121
In May 2026, the business climate remains gloomy Business indicator - May 2026
In May 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors is stable at 94, below its average level. The employment climate indicator has lost three points and stands at 92, its lowest level since the health crisis.
In May 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors is stable at 94, below its average level. The employment climate indicator has lost three points and stands at 92, its lowest level since the health crisis.
In May 2026, the business climate indicator is stable
In May 2026, the synthetic indicator of business climate in France is stable at 94, well below its average level (100). The business climate has clearly deteriorated in retail trade, more slightly in services, it has improved a little in building construction and wholesale trade and more clearly in manufacturing industry. The balances on expected prices have increased again in every sector except in services, and the general business outlook has deteriorated in every sector, except in manufacturing industry.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-05 | 93.6 |
| 2026-04 | 94.1 |
| 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 | 97.5 |
| 2024-08 | 96.7 |
| 2024-07 | 94.4 |
| 2024-06 | 99.7 |
| 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 | 100.0 |
| 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 | 103.8 |
| 2022-06 | 105.0 |
| 2022-05 | 106.5 |
| 2022-04 | 107.2 |
| 2022-03 | 107.4 |
| 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 | 111.2 |
| 2021-07 | 113.6 |
| 2021-06 | 115.4 |
| 2021-05 | 111.1 |
| 2021-04 | 97.4 |
| 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 | 58.5 |
| 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 | 107.3 |
| 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 | 108.0 |
| 2018-07 | 108.3 |
| 2018-06 | 109.2 |
| 2018-05 | 109.7 |
| 2018-04 | 111.4 |
| 2018-03 | 111.9 |
| 2018-02 | 111.9 |
| 2018-01 | 113.0 |
| 2017-12 | 113.6 |
| 2017-11 | 112.5 |
| 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 | 102.5 |
| 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 | 96.5 |
| 2014-02 | 95.3 |
| 2014-01 | 95.7 |
| 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 | 88.3 |
| 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 | 92.9 |
| 2012-04 | 97.2 |
| 2012-03 | 95.4 |
| 2012-02 | 92.8 |
| 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 | 108.1 |
| 2011-05 | 108.3 |
| 2011-04 | 109.1 |
| 2011-03 | 110.0 |
| 2011-02 | 109.4 |
| 2011-01 | 108.2 |
| 2010-12 | 107.3 |
| 2010-11 | 105.7 |
| 2010-10 | 104.9 |
| 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 | 111.5 |
| 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 | 110.0 |
| 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 May 2026, the business climate has clearly deteriorated again in the whole sector comprising retail trade and trade and repair of motor vehicles. At 89, the synthetic indicator has lost five points and has moved away from its long-term average (100). This decline mainly results from the further clear fall in balances related to ordering intentions.
The business climate has also declined, more slightly, in services. At 93, the synthetic indicator has lost one point and has moved away from its long term average (100). It has reached its lowest level since March 2015, excluding health crisis period. The climate has deteriorated in every sub-sector of services and has collapsed in accommodation and food services activities.
The business climate has slightly improved in building construction. At 97, the synthetic indicator has won one point but remains below its long-term average (100). The business leaders' opinion on both their past and future activity has improved.
The bimonthly business climate in wholesale trade has also slightly improved. At 96, the synthetic indicator has won one point compared to March but remains below its long-term average (100). This slight improvement is mainly due to the sharp rebound in balances related to past sales (including export sales).
Lastly, the business climate has improved again in manufacturing industry. At 102, the synthetic indicator has won two points and has left its long-term average (100). This increase is mainly due to the clear increase in the balance of opinion on past production.
tableauBusiness and employment climates
| Jan. 26 | Feb. 26 | Mar. 26 | Apr. 26 | May 26 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 99 | 97 | 97 | 94 | 94 |
| Manufacturing industry | 105 | 102 | 99 | 100 | 102 |
| Building construction | 97 | 96 | 96 | 96 | 97 |
| Services | 99 | 96 | 96 | 94 | 93 |
| Retail trade* | 99 | 98 | 100 | 94 | 89 |
| Wholesale trade | 100 | 95 | 96 | ||
| Employment | 94 | 93 | 95 | 95 | 92 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate has darkened
In May 2026, the synthetic indicator of employment climate has lost three points: at 92 it has reached its lowest level since health crisis, influenced downwards by the new deterioration in the balance in expected workforce in services (excluding interim).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2026-05 | 91.7 |
| 2026-04 | 94.7 |
| 2026-03 | 95.1 |
| 2026-02 | 93.1 |
| 2026-01 | 93.8 |
| 2025-12 | 94.5 |
| 2025-11 | 96.4 |
| 2025-10 | 94.8 |
| 2025-09 | 93.4 |
| 2025-08 | 94.9 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.6 |
| 2025-04 | 98.0 |
| 2025-03 | 96.5 |
| 2025-02 | 93.6 |
| 2025-01 | 97.2 |
| 2024-12 | 96.5 |
| 2024-11 | 98.4 |
| 2024-10 | 97.4 |
| 2024-09 | 98.7 |
| 2024-08 | 98.4 |
| 2024-07 | 97.3 |
| 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 | 104.2 |
| 2023-08 | 102.3 |
| 2023-07 | 106.5 |
| 2023-06 | 106.7 |
| 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 | 109.6 |
| 2022-09 | 108.5 |
| 2022-08 | 109.5 |
| 2022-07 | 111.3 |
| 2022-06 | 109.3 |
| 2022-05 | 111.3 |
| 2022-04 | 112.7 |
| 2022-03 | 113.8 |
| 2022-02 | 114.6 |
| 2022-01 | 110.9 |
| 2021-12 | 110.5 |
| 2021-11 | 113.3 |
| 2021-10 | 112.7 |
| 2021-09 | 106.6 |
| 2021-08 | 108.3 |
| 2021-07 | 108.3 |
| 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 | 107.6 |
| 2019-10 | 107.3 |
| 2019-09 | 107.2 |
| 2019-08 | 108.1 |
| 2019-07 | 107.4 |
| 2019-06 | 108.3 |
| 2019-05 | 106.4 |
| 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 | 107.6 |
| 2018-09 | 107.2 |
| 2018-08 | 108.5 |
| 2018-07 | 108.6 |
| 2018-06 | 109.9 |
| 2018-05 | 110.9 |
| 2018-04 | 110.3 |
| 2018-03 | 110.9 |
| 2018-02 | 109.6 |
| 2018-01 | 109.6 |
| 2017-12 | 108.7 |
| 2017-11 | 107.3 |
| 2017-10 | 108.2 |
| 2017-09 | 106.6 |
| 2017-08 | 106.1 |
| 2017-07 | 106.7 |
| 2017-06 | 107.5 |
| 2017-05 | 107.8 |
| 2017-04 | 107.2 |
| 2017-03 | 107.7 |
| 2017-02 | 104.5 |
| 2017-01 | 105.8 |
| 2016-12 | 106.5 |
| 2016-11 | 105.5 |
| 2016-10 | 104.9 |
| 2016-09 | 105.1 |
| 2016-08 | 102.5 |
| 2016-07 | 104.8 |
| 2016-06 | 101.0 |
| 2016-05 | 101.7 |
| 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 | 96.7 |
| 2015-03 | 94.6 |
| 2015-02 | 95.1 |
| 2015-01 | 93.1 |
| 2014-12 | 94.1 |
| 2014-11 | 93.7 |
| 2014-10 | 93.6 |
| 2014-09 | 93.8 |
| 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 | 92.9 |
| 2013-10 | 93.7 |
| 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 | 89.7 |
| 2012-10 | 91.3 |
| 2012-09 | 91.4 |
| 2012-08 | 93.1 |
| 2012-07 | 92.3 |
| 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 | 105.3 |
| 2011-07 | 109.8 |
| 2011-06 | 111.2 |
| 2011-05 | 111.3 |
| 2011-04 | 109.1 |
| 2011-03 | 109.1 |
| 2011-02 | 110.6 |
| 2011-01 | 102.9 |
| 2010-12 | 105.6 |
| 2010-11 | 104.3 |
| 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 | 90.1 |
| 2009-12 | 88.5 |
| 2009-11 | 86.7 |
| 2009-10 | 84.4 |
| 2009-09 | 82.9 |
| 2009-08 | 84.2 |
| 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 | 84.1 |
| 2008-11 | 88.5 |
| 2008-10 | 95.8 |
| 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 | 114.0 |
| 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 | 112.1 |
| 2007-03 | 111.6 |
| 2007-02 | 112.3 |
| 2007-01 | 109.9 |
| 2006-12 | 112.2 |
| 2006-11 | 111.4 |
| 2006-10 | 110.0 |
| 2006-09 | 108.8 |
| 2006-08 | 110.1 |
| 2006-07 | 110.6 |
| 2006-06 | 111.5 |
| 2006-05 | 109.0 |
| 2006-04 | 108.4 |
| 2006-03 | 105.9 |
| 2006-02 | 105.2 |
| 2006-01 | 105.1 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The synthetic indicators of climate in past months are not 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 27 April and 19 May 2026; most companies answer during the first two weeks of collection.
Next issue: 23 June 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 27 April and 19 May 2026; most companies answer during the first two weeks of collection.
Next issue: 23 June 2026 at 08:45 am.