Informations Rapides ·
22 May 2026 · n° 126
In May 2026, the business climate in services has slightly darkened again Monthly survey of services - May 2026
According to the business managers surveyed in May 2026, the business climate in services has darkened again. At 93, the indicator that synthesises it 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. The climate has darkened in all sub-sectors and has collapsed in accommodation and food services.
According to the business managers surveyed in May 2026, the business climate in services has darkened again. At 93, the indicator that synthesises it 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. The climate has darkened in all sub-sectors and has collapsed in accommodation and food services.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-05 | 92.6 |
| 2026-04 | 94.3 |
| 2026-03 | 96.4 |
| 2026-02 | 95.6 |
| 2026-01 | 98.5 |
| 2025-12 | 98.2 |
| 2025-11 | 98.3 |
| 2025-10 | 95.3 |
| 2025-09 | 97.8 |
| 2025-08 | 95.9 |
| 2025-07 | 96.4 |
| 2025-06 | 95.6 |
| 2025-05 | 95.1 |
| 2025-04 | 99.3 |
| 2025-03 | 97.4 |
| 2025-02 | 97.6 |
| 2025-01 | 96.2 |
| 2024-12 | 96.5 |
| 2024-11 | 97.8 |
| 2024-10 | 100.0 |
| 2024-09 | 98.4 |
| 2024-08 | 97.6 |
| 2024-07 | 96.1 |
| 2024-06 | 101.7 |
| 2024-05 | 102.9 |
| 2024-04 | 101.3 |
| 2024-03 | 102.8 |
| 2024-02 | 100.1 |
| 2024-01 | 101.7 |
| 2023-12 | 100.6 |
| 2023-11 | 99.7 |
| 2023-10 | 100.1 |
| 2023-09 | 100.7 |
| 2023-08 | 101.7 |
| 2023-07 | 102.4 |
| 2023-06 | 102.4 |
| 2023-05 | 101.9 |
| 2023-04 | 104.5 |
| 2023-03 | 104.0 |
| 2023-02 | 105.7 |
| 2023-01 | 104.9 |
| 2022-12 | 104.4 |
| 2022-11 | 104.5 |
| 2022-10 | 105.4 |
| 2022-09 | 105.3 |
| 2022-08 | 106.9 |
| 2022-07 | 106.3 |
| 2022-06 | 107.7 |
| 2022-05 | 109.4 |
| 2022-04 | 109.8 |
| 2022-03 | 108.7 |
| 2022-02 | 112.7 |
| 2022-01 | 106.2 |
| 2021-12 | 108.6 |
| 2021-11 | 114.7 |
| 2021-10 | 114.1 |
| 2021-09 | 110.5 |
| 2021-08 | 108.8 |
| 2021-07 | 111.4 |
| 2021-06 | 112.7 |
| 2021-05 | 107.6 |
| 2021-04 | 92.7 |
| 2021-03 | 94.1 |
| 2021-02 | 87.5 |
| 2021-01 | 91.4 |
| 2020-12 | 90.0 |
| 2020-11 | 75.9 |
| 2020-10 | 87.9 |
| 2020-09 | 93.5 |
| 2020-08 | 93.5 |
| 2020-07 | 88.6 |
| 2020-06 | 76.6 |
| 2020-05 | 48.3 |
| 2020-04 | 37.3 |
| 2020-03 | 91.9 |
| 2020-02 | 105.7 |
| 2020-01 | 106.5 |
| 2019-12 | 106.9 |
| 2019-11 | 106.4 |
| 2019-10 | 106.2 |
| 2019-09 | 106.0 |
| 2019-08 | 105.5 |
| 2019-07 | 105.5 |
| 2019-06 | 106.4 |
| 2019-05 | 106.3 |
| 2019-04 | 107.1 |
| 2019-03 | 105.1 |
| 2019-02 | 104.0 |
| 2019-01 | 104.0 |
| 2018-12 | 102.8 |
| 2018-11 | 104.5 |
| 2018-10 | 103.9 |
| 2018-09 | 104.9 |
| 2018-08 | 104.4 |
| 2018-07 | 105.1 |
| 2018-06 | 105.0 |
| 2018-05 | 105.0 |
| 2018-04 | 106.9 |
| 2018-03 | 107.5 |
| 2018-02 | 106.7 |
| 2018-01 | 107.8 |
| 2017-12 | 109.5 |
| 2017-11 | 108.1 |
| 2017-10 | 107.4 |
| 2017-09 | 107.2 |
| 2017-08 | 107.1 |
| 2017-07 | 104.5 |
| 2017-06 | 103.8 |
| 2017-05 | 103.5 |
| 2017-04 | 104.0 |
| 2017-03 | 103.7 |
| 2017-02 | 103.3 |
| 2017-01 | 101.9 |
| 2016-12 | 103.7 |
| 2016-11 | 101.0 |
| 2016-10 | 100.8 |
| 2016-09 | 100.8 |
| 2016-08 | 100.2 |
| 2016-07 | 100.4 |
| 2016-06 | 99.2 |
| 2016-05 | 100.8 |
| 2016-04 | 98.3 |
| 2016-03 | 99.6 |
| 2016-02 | 99.9 |
| 2016-01 | 100.2 |
| 2015-12 | 97.0 |
| 2015-11 | 99.3 |
| 2015-10 | 99.5 |
| 2015-09 | 97.5 |
| 2015-08 | 98.6 |
| 2015-07 | 97.4 |
| 2015-06 | 96.8 |
| 2015-05 | 95.3 |
| 2015-04 | 93.9 |
| 2015-03 | 92.2 |
| 2015-02 | 91.3 |
| 2015-01 | 91.0 |
| 2014-12 | 91.1 |
| 2014-11 | 91.0 |
| 2014-10 | 91.0 |
| 2014-09 | 90.8 |
| 2014-08 | 91.3 |
| 2014-07 | 92.3 |
| 2014-06 | 92.0 |
| 2014-05 | 92.0 |
| 2014-04 | 93.1 |
| 2014-03 | 92.9 |
| 2014-02 | 92.0 |
| 2014-01 | 92.1 |
| 2013-12 | 90.6 |
| 2013-11 | 92.2 |
| 2013-10 | 91.6 |
| 2013-09 | 92.2 |
| 2013-08 | 88.4 |
| 2013-07 | 86.2 |
| 2013-06 | 85.6 |
| 2013-05 | 84.3 |
| 2013-04 | 82.9 |
| 2013-03 | 83.7 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 86.8 |
| 2012-11 | 85.1 |
| 2012-10 | 85.8 |
| 2012-09 | 86.9 |
| 2012-08 | 87.1 |
| 2012-07 | 89.3 |
| 2012-06 | 89.8 |
| 2012-05 | 91.8 |
| 2012-04 | 95.6 |
| 2012-03 | 93.1 |
| 2012-02 | 91.7 |
| 2012-01 | 92.2 |
| 2011-12 | 94.5 |
| 2011-11 | 95.0 |
| 2011-10 | 97.2 |
| 2011-09 | 98.3 |
| 2011-08 | 100.6 |
| 2011-07 | 105.3 |
| 2011-06 | 107.5 |
| 2011-05 | 107.8 |
| 2011-04 | 109.3 |
| 2011-03 | 110.9 |
| 2011-02 | 109.6 |
| 2011-01 | 107.5 |
| 2010-12 | 107.2 |
| 2010-11 | 105.0 |
| 2010-10 | 103.0 |
| 2010-09 | 101.7 |
| 2010-08 | 100.8 |
| 2010-07 | 99.2 |
| 2010-06 | 98.3 |
| 2010-05 | 99.5 |
| 2010-04 | 97.8 |
| 2010-03 | 94.4 |
| 2010-02 | 94.2 |
| 2010-01 | 94.0 |
| 2009-12 | 92.5 |
| 2009-11 | 92.1 |
| 2009-10 | 90.6 |
| 2009-09 | 87.3 |
| 2009-08 | 83.8 |
| 2009-07 | 81.2 |
| 2009-06 | 77.2 |
| 2009-05 | 72.4 |
| 2009-04 | 68.0 |
| 2009-03 | 67.6 |
| 2009-02 | 72.9 |
| 2009-01 | 74.2 |
| 2008-12 | 76.9 |
| 2008-11 | 79.9 |
| 2008-10 | 84.0 |
| 2008-09 | 93.0 |
| 2008-08 | 95.0 |
| 2008-07 | 96.5 |
| 2008-06 | 101.2 |
| 2008-05 | 104.5 |
| 2008-04 | 107.1 |
| 2008-03 | 108.9 |
| 2008-02 | 108.9 |
| 2008-01 | 110.9 |
| 2007-12 | 109.4 |
| 2007-11 | 110.6 |
| 2007-10 | 110.5 |
| 2007-09 | 112.0 |
| 2007-08 | 112.8 |
| 2007-07 | 113.7 |
| 2007-06 | 113.1 |
| 2007-05 | 113.4 |
| 2007-04 | 113.5 |
| 2007-03 | 113.9 |
| 2007-02 | 113.0 |
| 2007-01 | 111.4 |
| 2006-12 | 111.9 |
| 2006-11 | 113.7 |
| 2006-10 | 111.3 |
| 2006-09 | 111.2 |
| 2006-08 | 111.0 |
| 2006-07 | 110.9 |
| 2006-06 | 109.7 |
| 2006-05 | 111.1 |
| 2006-04 | 108.2 |
| 2006-03 | 108.0 |
| 2006-02 | 106.7 |
| 2006-01 | 109.4 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
The opinion of business managers about their expected activity has clearly deteriorated
In May 2026, the business managers in services are more pessimistic than in the previous month about their business outlook: the balance of opinion on activity has sharply decreased again, has moved away from its average and has reached its lowest level since June 2025. The one on the past activity has retreated below its average. The balance on the business outlook for the sector has slightly diminished again and the one on the expected demand is stable; both remain below their average level.
The balance of opinion on expected change in the workforce size has slightly rebounded, but remains well below its average. The one on their past change has slightly retreated, below its own. Excluding temporary work agencies, the balances on the workforce size, past as expected, have sharply diminished and have moved away from their average.
The balances related to both past and expected change in selling prices are virtually stable, above their average.
The balance on the economic uncertainty felt is virtually stable, above its average.
tableauEconomic outlook in the services sector
| Average* | Febr. 2026 | March 2026 | April 2026 | May 2026 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 96 | 96 | 94 | 93 |
| General outlook | -7 | -8 | -9 | -13 | -14 |
| Past activity | 2 | -2 | -7 | -3 | -7 |
| Expected activity | 1 | -5 | -2 | -3 | -8 |
| Expected demand | -1 | -7 | -4 | -7 | -7 |
| Past selling prices | -3 | -2 | -1 | 0 | -1 |
| Expected selling prices | -2 | 1 | 0 | 3 | 2 |
| Past employment | 2 | -9 | -8 | -6 | -7 |
| Past employment except temporary work agencies | 0 | -9 | -10 | -5 | -10 |
| Expected employment | 2 | -6 | -4 | -11 | -9 |
| Expected employment except temporary work agencies | -1 | -8 | -6 | -7 | -11 |
| Economic uncertainty felt** | 12 | 11 | 12 | 18 | 17 |
- * Average since 1989 for the composite indicator and since 1988 for the balances of opinion, except general outlook (June 2000) and uncertainty (April 2021).
- ** Balance of opinion not seasonally adjusted ;
- Source: INSEE, monthly business survey in services.
The business climate has deteriorated in all sub-sectors of services
In May 2026, the business climate indicator in information-communication has retreated, below its long-term average. This is mainly due to the sharp downturn in the balances on activity, past and expected, which have moved back below their average.
In professional, scientific and technical activities, the business climate indicator is virtually stable for the third month in a row, but remains below its long-term average. The balances on the expected activity and on the past workforce size have diminished, whereas those on past activity and on the expected workforce size have increased. These four balances remain below their average.
In administrative and support services, the business climate indicator is virtually stable and remains well deteriorated. In particular, the balance on the expected workforce size has very sharply rebounded but remains well below its average level.
In accommodation and food services, the business climate indicator has collapsed; it has moved further away from its long-term average and has reached its lowest level since August 2013, excluding health crisis. All balances used in the climate calculation have sharply decreased, below their average.
In real estate activities, the business climate indicator has darkened again and has reached its lowest level since December 2023, well below its average. All balances used in the climate calculation have decreased, below their average.
Finally, the business climate indicator in road freight transport has sharply rebounded, but remains below its average level and its April level. This increase is mainly due to the sharp rebound in the forward-looking balances on demand and on activity, which remain nevertheless below their average. The balance on the expected selling prices has sharply risen and has reached its highest level since January 2023.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Febr. 2026 | March 2026 | April 2026 | May 2026 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 96 | 98 | 91 | 95 |
| General outlook | -19 | -18 | -23 | -36 | -32 |
| Past activity | -6 | -4 | -11 | -13 | -9 |
| Expected activity | -7 | -16 | -6 | -23 | -17 |
| Expected demand | -10 | -19 | -16 | -28 | -11 |
| Past employment | -6 | -6 | -18 | -20 | -12 |
| Expected employment | -7 | -14 | -12 | -7 | -22 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 95 | 100 | 96 | 87 |
| General outlook | -13 | -10 | -14 | -16 | -26 |
| Past activity | -7 | -9 | -8 | -20 | -29 |
| Expected activity | -8 | -25 | -2 | -14 | -34 |
| Expected demand | -9 | -17 | -7 | -20 | -30 |
| Past employment | -5 | -1 | -14 | 2 | -9 |
| Expected employment | -6 | -18 | -12 | -10 | -19 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 97 | 96 | 98 | 96 |
| General outlook | 0 | -1 | -2 | -2 | -4 |
| Past activity | 8 | 6 | -11 | 9 | -3 |
| Expected activity | 9 | 4 | 6 | 15 | 3 |
| Expected demand | 9 | 3 | 4 | 8 | 6 |
| Past employment | 6 | -5 | -4 | -3 | -2 |
| Expected employment | 10 | 4 | 2 | 0 | 3 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 96 | 98 | 94 | 90 |
| General outlook | -4 | -2 | -2 | -9 | -10 |
| Past activity | 6 | 5 | 7 | 4 | -1 |
| Expected activity | 6 | 0 | 4 | 3 | -3 |
| Expected demand | 1 | -1 | 4 | 4 | -4 |
| Past employment | 2 | -3 | -1 | 5 | -3 |
| Expected employment | 2 | -1 | -3 | -4 | -6 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 94 | 94 | 94 | 93 |
| General outlook | -8 | -12 | -11 | -12 | -13 |
| Past activity | -2 | -9 | -12 | -10 | -8 |
| Expected activity | -3 | -11 | -11 | -11 | -13 |
| Expected demand | -6 | -15 | -12 | -13 | -13 |
| Past employment | 0 | -6 | -4 | -4 | -8 |
| Expected employment | 0 | -3 | -5 | -7 | -5 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 96 | 95 | 87 | 88 |
| General outlook | -3 | -6 | -8 | -17 | -17 |
| Past activity | 5 | -2 | -1 | -9 | -8 |
| Expected activity | 4 | -1 | -3 | -11 | -9 |
| Expected demand | 2 | -2 | -4 | -12 | -12 |
| Past employment | 6 | -18 | -9 | -11 | -11 |
| Expected employment | 6 | -6 | -1 | -23 | -8 |
- The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion. The “other services” sub-sector is not displayed due to its low weight.
- *Composite indicator: average since 1989 (2006 for road transport); balances of opinion: average since 1988, except general outlook since June 2000 (2006 for road transport).
- Source: INSEE, monthly business survey in services.
Revision
The business climate indicator in services of April has not been revised (after rounding).
For further information
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted 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.
The responses to this survey were collected between 27 April and 19 May 2026; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 23 June 2026 at 8:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Abbreviated methodology (in French) (pdf,193 Ko)
Pour en savoir plus
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted 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.
The responses to this survey were collected between 27 April and 19 May 2026; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 23 June 2026 at 8:45 am.