Informations Rapides · 23 July 2026 · n° 173
In July 2026, the business climate has brightened a little Business indicator - July 2026

In July 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors has won two points. At 97, it has come closer to its average level (100). The employment climate indicator is stable, at 98.

Informations rapides

N^o 173

Paru le :Paru le23/07/2026

Prochaine parution le : 21/08/2026 at 08:45 - August 2026

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Warning

In July 2026, the stratification of business survey in services has been modified, and the secondary weights 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 business climate in services is at most 3 points between January and June 2026, and the impact on business climate in France, at most 1 point. However, the impact on employment climate is more important, at most 9 points in June, due to the important revision in expected workforce in services this month. Moreover, as usually at this time of the year, the seasonal coefficients have been updated, and the parameters of the synthetic indicators re-estimated. Lastly, using an unchanged methodology, the composition of the monthly business climate indicators in retail trade and in trade and repair of motor vehicles and its sub-sectors was slightly revised in July 2026. It results from these last two operations minor revisions compared to modifications led by the first methodological change in this warning section.

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In July 2026, the business climate indicator has won two points
The employment climate has maintained
Revisions
For further information

In July 2026, the business climate indicator has won two points

In July 2026, the synthetic indicator of business climate in France has won two points. At 97, it has come closer to its average level (100). The business climate indicator has clearly increased in retail trade and more slightly in services and manufacturing industry. It is stable in building construction, and has fallen back in wholesale trade.

Graphique
Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2026-07	97.2
2026-06	95.0
2026-05	93.9
2026-04	94.1
2026-03	97.7
2026-02	98.8
2026-01	99.1
2025-12	98.2
2025-11	97.4
2025-10	97.3
2025-09	96.3
2025-08	96.5
2025-07	95.9
2025-06	96.0
2025-05	95.6
2025-04	96.9
2025-03	96.7
2025-02	96.1
2025-01	95.1
2024-12	94.5
2024-11	95.8
2024-10	97.7
2024-09	97.8
2024-08	97.0
2024-07	94.4
2024-06	99.6
2024-05	100.1
2024-04	99.8
2024-03	100.3
2024-02	99.0
2024-01	99.1
2023-12	98.4
2023-11	97.9
2023-10	99.1
2023-09	100.1
2023-08	100.4
2023-07	100.7
2023-06	100.9
2023-05	100.9
2023-04	103.5
2023-03	103.1
2023-02	103.5
2023-01	102.5
2022-12	103.0
2022-11	102.6
2022-10	103.1
2022-09	102.4
2022-08	104.1
2022-07	103.6
2022-06	104.9
2022-05	106.5
2022-04	107.2
2022-03	107.6
2022-02	114.1
2022-01	108.6
2021-12	110.2
2021-11	115.0
2021-10	114.4
2021-09	112.2
2021-08	111.2
2021-07	113.6
2021-06	115.9
2021-05	111.2
2021-04	97.2
2021-03	98.2
2021-02	90.9
2021-01	93.8
2020-12	92.6
2020-11	77.4
2020-10	90.1
2020-09	93.7
2020-08	94.2
2020-07	90.6
2020-06	84.8
2020-05	58.5
2020-04	45.7
2020-03	93.9
2020-02	106.1
2020-01	106.7
2019-12	106.7
2019-11	107.0
2019-10	106.9
2019-09	106.9
2019-08	106.3
2019-07	106.1
2019-06	107.1
2019-05	107.3
2019-04	107.5
2019-03	106.3
2019-02	104.6
2019-01	104.5
2018-12	103.7
2018-11	106.9
2018-10	106.5
2018-09	107.4
2018-08	107.8
2018-07	108.2
2018-06	109.1
2018-05	109.7
2018-04	111.4
2018-03	111.9
2018-02	112.0
2018-01	113.0
2017-12	113.4
2017-11	112.2
2017-10	111.1
2017-09	111.1
2017-08	110.6
2017-07	109.9
2017-06	108.9
2017-05	107.9
2017-04	107.5
2017-03	106.7
2017-02	107.1
2017-01	106.2
2016-12	106.3
2016-11	103.9
2016-10	103.8
2016-09	103.7
2016-08	103.6
2016-07	104.0
2016-06	103.2
2016-05	104.6
2016-04	102.5
2016-03	103.2
2016-02	103.3
2016-01	104.3
2015-12	101.8
2015-11	103.3
2015-10	103.2
2015-09	102.4
2015-08	103.2
2015-07	101.4
2015-06	100.9
2015-05	99.7
2015-04	98.7
2015-03	97.1
2015-02	95.9
2015-01	94.9
2014-12	94.0
2014-11	93.8
2014-10	91.9
2014-09	92.0
2014-08	93.1
2014-07	94.5
2014-06	95.2
2014-05	95.8
2014-04	96.4
2014-03	96.5
2014-02	95.3
2014-01	95.7
2013-12	94.3
2013-11	95.0
2013-10	95.4
2013-09	95.8
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	86.0
2012-09	87.9
2012-08	89.4
2012-07	90.7
2012-06	91.6
2012-05	92.9
2012-04	97.3
2012-03	95.4
2012-02	92.8
2012-01	92.8
2011-12	94.3
2011-11	95.5
2011-10	97.6
2011-09	98.6
2011-08	101.4
2011-07	106.6
2011-06	108.1
2011-05	108.4
2011-04	109.1
2011-03	110.1
2011-02	109.5
2011-01	108.3
2010-12	107.4
2010-11	105.7
2010-10	104.9
2010-09	103.0
2010-08	100.9
2010-07	98.7
2010-06	96.9
2010-05	97.4
2010-04	96.2
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	94.8
2008-07	96.1
2008-06	99.9
2008-05	103.4
2008-04	106.1
2008-03	108.5
2008-02	108.6
2008-01	109.7
2007-12	110.3
2007-11	110.5
2007-10	110.3
2007-09	111.6
2007-08	112.3
2007-07	113.4
2007-06	114.2
2007-05	113.2
2007-04	112.9
2007-03	112.3
2007-02	111.9
2007-01	110.1
2006-12	110.0
2006-11	111.7
2006-10	109.9
2006-09	109.8
2006-08	109.2
2006-07	108.7
2006-06	106.6
2006-05	107.0
2006-04	105.2
2006-03	104.6
2006-02	104.2
2006-01	106.6

graphiqueFrench business climate composite indicator

Chargement en cours — Source: INSEE – business tendency surveys.

In July 2026, the business climate has clearly recovered in retail trade and trade and repair of motor vehicles. At 99, the synthetic indicator has gained eight points and has moved closer to its long-term average (100). This sharp improvement mainly results from the strong increase in the balances related to ordering intentions and general business outlook.

The business climate in services has brightened. At 98, the indicator that synthesises it has won two points, but remains below its long-term average (100). The climate has improved in every sub-sector of services, excepted in information-communication.

The business climate has slightly rebounded in manufacturing industry. At 101, the synthetic indicator has gained one point and has left its long-term average (100). This rebound is mainly explained by those in balances of opinion on past production and on global order books.

The business climate in building construction is stable. At 95, the synthetic indicator stands below its long-term average (100). The business leaders' opinion on their past activity has slightly rebounded, whereas the one on their future activity has slightly retreated.

Lastly, the business climate in wholesale trade has slightly fallen back. At 95, the synthetic indicator has lost two points and has returned to its March level, still below its long-term average (100). This deterioration mainly results from the sharp fall in the balances of opinion related to past sales (including export sales).

tableauBusiness and employment climates

Business and employment climates
	Mar. 26	Apr. 26	May 26	June 26	July 26
Business climates
France	98	94	94	95	97
Manufacturing industry	100	100	102	100	101
Building construction	95	96	96	95	95
Services	98	96	95	96	98
Retail trade*	98	93	89	91	99
Wholesale trade	95		97		95

Employment	99	100	95	98	98

* including trade and repair of vehicles.
Source: INSEE, business tendency surveys.

The employment climate has maintained

In July 2026, the synthetic indicator of employment climate has maintained, at 98, after its rebound in June.

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2026-07	98.2
2026-06	98.3
2026-05	94.6
2026-04	99.7
2026-03	99.5
2026-02	97.9
2026-01	95.6
2025-12	94.7
2025-11	95.8
2025-10	94.9
2025-09	93.7
2025-08	94.5
2025-07	95.3
2025-06	97.6
2025-05	93.4
2025-04	96.7
2025-03	95.6
2025-02	93.7
2025-01	96.9
2024-12	96.5
2024-11	98.0
2024-10	97.7
2024-09	98.6
2024-08	98.2
2024-07	96.3
2024-06	99.5
2024-05	102.0
2024-04	101.5
2024-03	100.3
2024-02	102.5
2024-01	98.5
2023-12	100.9
2023-11	99.6
2023-10	103.2
2023-09	103.6
2023-08	101.8
2023-07	106.2
2023-06	106.3
2023-05	106.7
2023-04	110.2
2023-03	109.7
2023-02	110.7
2023-01	112.5
2022-12	111.1
2022-11	108.5
2022-10	109.0
2022-09	107.8
2022-08	108.2
2022-07	110.8
2022-06	108.1
2022-05	110.4
2022-04	112.3
2022-03	113.3
2022-02	114.4
2022-01	110.4
2021-12	108.9
2021-11	113.8
2021-10	111.6
2021-09	105.9
2021-08	109.5
2021-07	109.0
2021-06	107.4
2021-05	101.6
2021-04	92.3
2021-03	90.8
2021-02	83.6
2021-01	85.6
2020-12	83.2
2020-11	79.9
2020-10	88.3
2020-09	91.3
2020-08	89.0
2020-07	79.1
2020-06	69.6
2020-05	49.7
2020-04	40.8
2020-03	97.4
2020-02	106.2
2020-01	105.8
2019-12	107.7
2019-11	108.3
2019-10	107.2
2019-09	106.9
2019-08	107.3
2019-07	107.6
2019-06	108.4
2019-05	106.3
2019-04	108.0
2019-03	108.6
2019-02	107.2
2019-01	106.4
2018-12	104.5
2018-11	105.5
2018-10	107.1
2018-09	107.1
2018-08	107.9
2018-07	108.5
2018-06	109.8
2018-05	110.3
2018-04	109.7
2018-03	110.1
2018-02	109.5
2018-01	108.9
2017-12	108.3
2017-11	107.3
2017-10	108.1
2017-09	106.6
2017-08	104.9
2017-07	107.1
2017-06	107.6
2017-05	107.6
2017-04	107.7
2017-03	107.7
2017-02	104.7
2017-01	105.5
2016-12	106.6
2016-11	105.8
2016-10	105.1
2016-09	105.3
2016-08	102.5
2016-07	105.0
2016-06	101.1
2016-05	101.6
2016-04	99.6
2016-03	99.2
2016-02	100.5
2016-01	101.4
2015-12	100.6
2015-11	101.4
2015-10	99.6
2015-09	99.7
2015-08	100.2
2015-07	99.3
2015-06	98.8
2015-05	96.7
2015-04	96.6
2015-03	94.5
2015-02	95.1
2015-01	93.1
2014-12	94.1
2014-11	93.6
2014-10	93.5
2014-09	93.6
2014-08	93.4
2014-07	94.6
2014-06	94.6
2014-05	96.2
2014-04	96.9
2014-03	95.0
2014-02	93.6
2014-01	94.0
2013-12	93.6
2013-11	92.8
2013-10	93.6
2013-09	90.9
2013-08	90.4
2013-07	89.4
2013-06	88.5
2013-05	84.8
2013-04	86.3
2013-03	88.1
2013-02	88.9
2013-01	91.7
2012-12	89.3
2012-11	89.6
2012-10	91.2
2012-09	91.3
2012-08	92.9
2012-07	92.1
2012-06	93.3
2012-05	94.4
2012-04	97.7
2012-03	98.3
2012-02	97.5
2012-01	97.7
2011-12	98.5
2011-11	100.5
2011-10	99.5
2011-09	103.5
2011-08	105.2
2011-07	109.7
2011-06	111.2
2011-05	111.4
2011-04	109.1
2011-03	109.2
2011-02	110.9
2011-01	103.0
2010-12	105.8
2010-11	104.3
2010-10	102.9
2010-09	99.6
2010-08	98.2
2010-07	97.4
2010-06	97.5
2010-05	96.6
2010-04	95.2
2010-03	93.2
2010-02	90.9
2010-01	90.3
2009-12	88.7
2009-11	86.9
2009-10	84.3
2009-09	82.6
2009-08	84.1
2009-07	79.0
2009-06	74.9
2009-05	73.9
2009-04	74.4
2009-03	74.3
2009-02	79.0
2009-01	81.0
2008-12	84.2
2008-11	88.6
2008-10	95.7
2008-09	100.1
2008-08	101.3
2008-07	106.8
2008-06	104.6
2008-05	108.9
2008-04	113.2
2008-03	113.1
2008-02	114.8
2008-01	115.1
2007-12	115.0
2007-11	114.3
2007-10	112.7
2007-09	114.2
2007-08	113.8
2007-07	111.9
2007-06	113.8
2007-05	115.0
2007-04	112.2
2007-03	111.8
2007-02	112.6
2007-01	110.2
2006-12	112.4
2006-11	111.6
2006-10	110.2
2006-09	108.8
2006-08	110.2
2006-07	110.8
2006-06	111.7
2006-05	109.2
2006-04	108.6
2006-03	106.1
2006-02	105.3
2006-01	105.4

graphiqueFrench employment climate composite indicator

Revisions

The indicator of employment climate in France for June 2026 has been revised upwards by nine points, the business climate in services upwards by three points and the business climate in France, upwards by one point: these revisions are due to the methodological changes mentioned in the warning section. Moreover, the business climate in retail trade for June has been revised upwards by one point, the one in building construction downwards by one point, and the bi-monthly one on wholesale trade for May, upwards by one point: these revisions are due to the inclusion of late responses from companies and to the update of seasonal adjustment coefficients and the parameters of the synthetic indicators, as usually at this time of the year. The business climate in manufacturing industry has 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 28 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 25 June and 20 July 2026; most companies answer during the first two weeks of collection.

Next issue: 21 August 2026 at 08:45 am.