Informations Rapides ·
23 July 2026 · n° 178
In July 2026, the business climate in services has brightened Monthly survey of services - July 2026
According to the business managers surveyed in July 2026, the business climate in services has brightened. At 98, the indicator that synthesises it has gained two points, but remains below its long-term average (100).
In July 2026, the stratification of the services survey has been changed and the secondary weights have been updated to better reflect the economic reality. These changes have led to a revision of the balances, back-casted since January 2026. The impact of these changes on the business climate in services is at most 3 points between January and June 2026. The modifications in the climate in sub-sectors are especially marked in real estate activities (sector L in the NAF) where the revision has reached 7 points on average from January to June. Work is currently underway to improve the back-cast in this sector; until it is finalised, the data series for this sector must be treated with caution. On the other hand, the seasonal coefficients as well as the parameters of the composite indicators have been updated in July 2026, as usually at this time of year. This has led to revisions in the set of results previously published from this survey, minor compared to the modifications caused by the first methodological change mentioned in this warning section.
According to the business managers surveyed in July 2026, the business climate in services has brightened. At 98, the indicator that synthesises it has gained two points, but remains below its long-term average (100).
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-07 | 98.3 |
| 2026-06 | 96.2 |
| 2026-05 | 95.4 |
| 2026-04 | 95.7 |
| 2026-03 | 98.2 |
| 2026-02 | 99.0 |
| 2026-01 | 99.2 |
| 2025-12 | 97.9 |
| 2025-11 | 98.0 |
| 2025-10 | 96.1 |
| 2025-09 | 97.9 |
| 2025-08 | 96.4 |
| 2025-07 | 96.7 |
| 2025-06 | 95.4 |
| 2025-05 | 95.0 |
| 2025-04 | 98.3 |
| 2025-03 | 97.0 |
| 2025-02 | 97.3 |
| 2025-01 | 95.8 |
| 2024-12 | 96.2 |
| 2024-11 | 97.6 |
| 2024-10 | 101.0 |
| 2024-09 | 98.3 |
| 2024-08 | 98.3 |
| 2024-07 | 96.1 |
| 2024-06 | 101.7 |
| 2024-05 | 103.1 |
| 2024-04 | 100.6 |
| 2024-03 | 102.3 |
| 2024-02 | 99.6 |
| 2024-01 | 101.3 |
| 2023-12 | 100.4 |
| 2023-11 | 99.5 |
| 2023-10 | 100.4 |
| 2023-09 | 100.5 |
| 2023-08 | 102.1 |
| 2023-07 | 102.4 |
| 2023-06 | 102.3 |
| 2023-05 | 102.0 |
| 2023-04 | 103.8 |
| 2023-03 | 103.7 |
| 2023-02 | 105.3 |
| 2023-01 | 104.6 |
| 2022-12 | 104.3 |
| 2022-11 | 104.0 |
| 2022-10 | 105.4 |
| 2022-09 | 105.4 |
| 2022-08 | 106.8 |
| 2022-07 | 106.1 |
| 2022-06 | 107.2 |
| 2022-05 | 109.2 |
| 2022-04 | 109.0 |
| 2022-03 | 108.4 |
| 2022-02 | 111.9 |
| 2022-01 | 105.3 |
| 2021-12 | 107.8 |
| 2021-11 | 114.6 |
| 2021-10 | 113.6 |
| 2021-09 | 110.2 |
| 2021-08 | 109.0 |
| 2021-07 | 111.0 |
| 2021-06 | 112.7 |
| 2021-05 | 107.2 |
| 2021-04 | 91.6 |
| 2021-03 | 93.2 |
| 2021-02 | 86.8 |
| 2021-01 | 90.7 |
| 2020-12 | 89.1 |
| 2020-11 | 74.9 |
| 2020-10 | 87.0 |
| 2020-09 | 93.2 |
| 2020-08 | 93.4 |
| 2020-07 | 88.2 |
| 2020-06 | 76.9 |
| 2020-05 | 47.7 |
| 2020-04 | 36.5 |
| 2020-03 | 91.9 |
| 2020-02 | 105.7 |
| 2020-01 | 106.3 |
| 2019-12 | 107.0 |
| 2019-11 | 106.4 |
| 2019-10 | 105.7 |
| 2019-09 | 105.5 |
| 2019-08 | 105.3 |
| 2019-07 | 104.9 |
| 2019-06 | 105.9 |
| 2019-05 | 106.4 |
| 2019-04 | 106.5 |
| 2019-03 | 105.2 |
| 2019-02 | 103.6 |
| 2019-01 | 103.7 |
| 2018-12 | 102.2 |
| 2018-11 | 103.9 |
| 2018-10 | 103.4 |
| 2018-09 | 104.6 |
| 2018-08 | 104.3 |
| 2018-07 | 104.8 |
| 2018-06 | 104.6 |
| 2018-05 | 104.7 |
| 2018-04 | 106.7 |
| 2018-03 | 107.3 |
| 2018-02 | 106.8 |
| 2018-01 | 107.6 |
| 2017-12 | 109.2 |
| 2017-11 | 107.7 |
| 2017-10 | 107.0 |
| 2017-09 | 106.7 |
| 2017-08 | 106.7 |
| 2017-07 | 104.1 |
| 2017-06 | 103.3 |
| 2017-05 | 102.9 |
| 2017-04 | 103.6 |
| 2017-03 | 103.3 |
| 2017-02 | 102.9 |
| 2017-01 | 101.5 |
| 2016-12 | 103.9 |
| 2016-11 | 101.0 |
| 2016-10 | 100.9 |
| 2016-09 | 100.9 |
| 2016-08 | 100.2 |
| 2016-07 | 100.5 |
| 2016-06 | 99.2 |
| 2016-05 | 101.0 |
| 2016-04 | 98.3 |
| 2016-03 | 99.7 |
| 2016-02 | 100.1 |
| 2016-01 | 100.2 |
| 2015-12 | 97.1 |
| 2015-11 | 99.3 |
| 2015-10 | 99.6 |
| 2015-09 | 97.6 |
| 2015-08 | 98.7 |
| 2015-07 | 97.6 |
| 2015-06 | 97.0 |
| 2015-05 | 95.4 |
| 2015-04 | 94.0 |
| 2015-03 | 92.3 |
| 2015-02 | 91.3 |
| 2015-01 | 91.1 |
| 2014-12 | 91.2 |
| 2014-11 | 91.1 |
| 2014-10 | 91.1 |
| 2014-09 | 90.8 |
| 2014-08 | 91.4 |
| 2014-07 | 92.4 |
| 2014-06 | 92.1 |
| 2014-05 | 92.0 |
| 2014-04 | 93.1 |
| 2014-03 | 93.0 |
| 2014-02 | 92.0 |
| 2014-01 | 92.2 |
| 2013-12 | 90.6 |
| 2013-11 | 92.3 |
| 2013-10 | 91.6 |
| 2013-09 | 92.3 |
| 2013-08 | 88.4 |
| 2013-07 | 86.3 |
| 2013-06 | 85.7 |
| 2013-05 | 84.5 |
| 2013-04 | 83.0 |
| 2013-03 | 83.8 |
| 2013-02 | 87.0 |
| 2013-01 | 88.1 |
| 2012-12 | 86.8 |
| 2012-11 | 85.1 |
| 2012-10 | 86.0 |
| 2012-09 | 87.1 |
| 2012-08 | 87.1 |
| 2012-07 | 89.5 |
| 2012-06 | 89.8 |
| 2012-05 | 91.9 |
| 2012-04 | 95.6 |
| 2012-03 | 93.1 |
| 2012-02 | 91.7 |
| 2012-01 | 92.3 |
| 2011-12 | 94.7 |
| 2011-11 | 95.1 |
| 2011-10 | 97.4 |
| 2011-09 | 98.3 |
| 2011-08 | 100.6 |
| 2011-07 | 105.2 |
| 2011-06 | 107.7 |
| 2011-05 | 107.9 |
| 2011-04 | 109.5 |
| 2011-03 | 111.2 |
| 2011-02 | 109.8 |
| 2011-01 | 107.6 |
| 2010-12 | 107.4 |
| 2010-11 | 105.1 |
| 2010-10 | 103.0 |
| 2010-09 | 101.8 |
| 2010-08 | 100.8 |
| 2010-07 | 99.2 |
| 2010-06 | 98.4 |
| 2010-05 | 99.6 |
| 2010-04 | 98.0 |
| 2010-03 | 94.5 |
| 2010-02 | 94.2 |
| 2010-01 | 94.1 |
| 2009-12 | 92.6 |
| 2009-11 | 92.2 |
| 2009-10 | 90.8 |
| 2009-09 | 87.4 |
| 2009-08 | 83.8 |
| 2009-07 | 81.3 |
| 2009-06 | 77.2 |
| 2009-05 | 72.2 |
| 2009-04 | 67.8 |
| 2009-03 | 67.7 |
| 2009-02 | 73.0 |
| 2009-01 | 74.2 |
| 2008-12 | 77.0 |
| 2008-11 | 80.1 |
| 2008-10 | 84.2 |
| 2008-09 | 93.3 |
| 2008-08 | 95.1 |
| 2008-07 | 96.7 |
| 2008-06 | 101.5 |
| 2008-05 | 104.8 |
| 2008-04 | 107.3 |
| 2008-03 | 109.1 |
| 2008-02 | 109.1 |
| 2008-01 | 111.1 |
| 2007-12 | 109.5 |
| 2007-11 | 110.9 |
| 2007-10 | 110.7 |
| 2007-09 | 112.2 |
| 2007-08 | 113.1 |
| 2007-07 | 114.0 |
| 2007-06 | 113.3 |
| 2007-05 | 113.5 |
| 2007-04 | 113.7 |
| 2007-03 | 114.2 |
| 2007-02 | 113.3 |
| 2007-01 | 111.6 |
| 2006-12 | 112.2 |
| 2006-11 | 114.1 |
| 2006-10 | 111.6 |
| 2006-09 | 111.5 |
| 2006-08 | 111.3 |
| 2006-07 | 111.2 |
| 2006-06 | 110.0 |
| 2006-05 | 111.5 |
| 2006-04 | 108.5 |
| 2006-03 | 108.3 |
| 2006-02 | 107.0 |
| 2006-01 | 109.6 |
graphiqueFrench business climate composite indicator
- Source: INSEE – monthly business survey in services.
Business managers are more optimistic than in the previous month about their personal business outlook and that of their sector
In July 2026, the business managers in services are more optimistic than in the previous month about their personal business outlook: the balance of opinion on expected demand has rebounded and stands just below its long-term average; the one on expected activity has improved and has moved above its own. They are also more optimistic about the business outlook of their sector: the associated balance has increased again, without reaching its average. As for the balance on past activity, it has decreased and has moved well away from its average level.
Concerning workforce size, the balance of opinion on its past change is virtually stable, while the one on its expected change has retreated. Both stand well below their respective average.
The balance on the economic uncertainty felt is stable, above its average.
In July 2026, the share of business managers reporting difficulties in recruitment has increased compared to the previous quarter.
Business managers are slightly fewer to report both supply and demand difficulties or demand difficulties only as obstacles to expanding their activity. Conversely, they are more numerous to report supply difficulties only. These three shares remain well below their respective average.
The quarterly balance of opinion on expected investment for the next three months has increased and has moved closer to its average.
The quarterly balance on cash position is virtually stable, above its average level.
tableauEconomic outlook in the services sector
| Average* | April 2026 | May 2026 | June 2026 | July 2026 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 96 | 95 | 96 | 98 |
| General outlook | -7 | -15 | -16 | -13 | -9 |
| Past activity | 1 | -3 | -4 | -4 | -8 |
| Expected activity | 1 | 0 | -2 | -1 | 2 |
| Expected demand | -1 | -4 | -3 | -4 | -2 |
| Past selling prices | -2 | 4 | 4 | 4 | 4 |
| Expected selling prices | -1 | 5 | 6 | 3 | 3 |
| Past employment | 1 | -8 | -11 | -10 | -11 |
| Past employment except temporary work agencies | 0 | -7 | -13 | -9 | -7 |
| Expected employment | 2 | -8 | -6 | -2 | -5 |
| Expected employment except temporary work agencies | -1 | 0 | -6 | 0 | -2 |
| Cash position*** | -11 | -10 | -9 | ||
| Difficulties | |||||
| difficulties of supply and demand (in %)*** | 9 | 7 | 5 | ||
| difficulties of supply only (in %)*** | 23 | 14 | 18 | ||
| difficulties of demand only (in %)*** | 27 | 18 | 17 | ||
| Difficulties in recruitment (in %)*** | 32 | 32 | 34 | ||
| Expected investments*** | 2 | -4 | -1 | ||
| Economic uncertainty felt** | 12 | 18 | 18 | 17 | 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.
- *** Balance of opinion from the quarterly section of the survey.
- Source: INSEE, monthly business survey in services.
The business climate has improved in all sub-sectors except information-communication
In July 2026, in information-communication, the business climate has slightly darkened and has moved further away from its average. The balances on personal activity and workforce size have clearly decreased, as has the one on expected demand; they all stand below their respective average.
In professional, scientific and technical activities, the business climate has slightly brightened again and has moved above its average level. The forward-looking balances on demand and activity have increased and stand above their respective average. The one on the business outlook of the sector has increased and has reached its own.
In administrative and support services, the business climate indicator has brightened more clearly, but remains deteriorated. The balances on the business outlook of the sector, and both expected demand and activity have increased, but remain below their respective average.
In accommodation and food services, the business climate has brightened markedly and has reached its long-term average. In particular, the forward-looking balances on demand and activity have rebounded very sharply and have moved above their respective average.
Finally, in road freight transport, the business climate has clearly recovered and stands just below its average. In particular, the balances on expected demand and on the business outlook of the sector have risen very sharply.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21** | Average* | April 2026 | May 2026 | June 2026 | July 2026 |
|---|---|---|---|---|---|
| Road freight transport (8%) | |||||
| Composite indicator | 100 | 91 | 94 | 94 | 99 |
| General outlook | -19 | -38 | -35 | -28 | -17 |
| Past activity | -6 | -11 | -13 | 8 | 4 |
| Expected activity | -7 | -18 | -16 | -15 | -13 |
| Expected demand | -10 | -28 | -17 | -26 | -11 |
| Past employment | -6 | -16 | -13 | -17 | -11 |
| Expected employment | -7 | -17 | -19 | -14 | -7 |
| Accommodation and food service activities (11%) | |||||
| Composite indicator | 100 | 101 | 95 | 94 | 100 |
| General outlook | -13 | -19 | -30 | -24 | -19 |
| Past activity | -7 | -33 | -18 | -12 | -6 |
| Expected activity | -8 | 5 | -9 | -23 | -1 |
| Expected demand | -9 | -9 | -10 | -17 | -7 |
| Past employment | -5 | -2 | -11 | -15 | -7 |
| Expected employment | -5 | 8 | -5 | 3 | -1 |
| Information and communication (27%) | |||||
| Composite indicator | 100 | 98 | 97 | 97 | 95 |
| General outlook | 0 | -3 | -4 | -4 | 1 |
| Past activity | 8 | 15 | 4 | -4 | -10 |
| Expected activity | 9 | 8 | 2 | 9 | 4 |
| Expected demand | 9 | 3 | 5 | 1 | -4 |
| Past employment | 6 | 1 | 0 | 2 | -4 |
| Expected employment | 10 | 2 | 4 | 4 | 0 |
| Professional, scientific and technical activities (24%) | |||||
| Composite indicator | 100 | 97 | 98 | 99 | 101 |
| General outlook | -8 | -12 | -12 | -12 | -8 |
| Past activity | -1 | -4 | -2 | -3 | -6 |
| Expected activity | -3 | -4 | -4 | 0 | 1 |
| Expected demand | -6 | -9 | -7 | -6 | -4 |
| Past employment | 0 | -3 | -8 | -7 | -7 |
| Expected employment | 0 | -6 | -5 | -2 | -4 |
| Administrative and support service activities (19%) | |||||
| Composite indicator | 100 | 86 | 86 | 87 | 92 |
| General outlook | -3 | -17 | -17 | -14 | -8 |
| Past activity | 5 | -11 | -4 | -7 | -8 |
| Expected activity | 4 | -13 | -14 | -13 | -5 |
| Expected demand | 2 | -15 | -15 | -15 | -8 |
| Past employment | 6 | -16 | -11 | -15 | -18 |
| Expected employment | 5 | -28 | -9 | -10 | -17 |
- 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).
- ** The balances related to real estate activities are not been published due to work of back-cast (cf. Warning).
- Source: INSEE, monthly business survey in services.
Revision
The business climate indicator in services for June 2026 has been revised upwards by three points (after rounding). This revision is mainly due to the methodological changes mentioned in the warning section.
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 25 June and 20 July 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: 21 August 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 25 June and 20 July 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: 21 August 2026 at 8:45 am.