Informations Rapides ·
24 September 2026 · n° 231
In September 2026, the business climate has fallen back Business indicator - September 2026
In September 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has fallen back. At 96, it has lost two points and has moved away from its average level (100). The employment climate indicator has lost one point.
In September 2026, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has fallen back. At 96, it has lost two points and has moved away from its average level (100). The employment climate indicator has lost one point.
In September 2026, the business climate indicator has lost two points
In September 2026, the synthetic indicator of business climate in France has fallen back by two points. At 96, it has moved away from its long term average (100). The business climate indicator is stable in manufacturing industry and building construction. It has deteriorated sharply in retail trade, and more slightly in services and wholesale trade.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-09 | 96.4 |
| 2026-08 | 97.8 |
| 2026-07 | 97.4 |
| 2026-06 | 95.0 |
| 2026-05 | 93.9 |
| 2026-04 | 94.1 |
| 2026-03 | 97.5 |
| 2026-02 | 98.6 |
| 2026-01 | 99.2 |
| 2025-12 | 98.5 |
| 2025-11 | 97.5 |
| 2025-10 | 97.3 |
| 2025-09 | 96.3 |
| 2025-08 | 96.7 |
| 2025-07 | 96.0 |
| 2025-06 | 96.0 |
| 2025-05 | 95.6 |
| 2025-04 | 96.7 |
| 2025-03 | 96.6 |
| 2025-02 | 95.8 |
| 2025-01 | 95.2 |
| 2024-12 | 94.7 |
| 2024-11 | 96.0 |
| 2024-10 | 97.7 |
| 2024-09 | 97.7 |
| 2024-08 | 97.1 |
| 2024-07 | 94.5 |
| 2024-06 | 99.7 |
| 2024-05 | 100.0 |
| 2024-04 | 99.7 |
| 2024-03 | 100.2 |
| 2024-02 | 98.7 |
| 2024-01 | 99.2 |
| 2023-12 | 98.7 |
| 2023-11 | 98.1 |
| 2023-10 | 99.1 |
| 2023-09 | 100.0 |
| 2023-08 | 100.5 |
| 2023-07 | 100.8 |
| 2023-06 | 100.9 |
| 2023-05 | 100.8 |
| 2023-04 | 103.4 |
| 2023-03 | 103.0 |
| 2023-02 | 103.3 |
| 2023-01 | 102.6 |
| 2022-12 | 103.3 |
| 2022-11 | 102.8 |
| 2022-10 | 103.1 |
| 2022-09 | 102.3 |
| 2022-08 | 104.2 |
| 2022-07 | 103.7 |
| 2022-06 | 104.9 |
| 2022-05 | 106.5 |
| 2022-04 | 107.0 |
| 2022-03 | 107.4 |
| 2022-02 | 113.9 |
| 2022-01 | 108.8 |
| 2021-12 | 110.5 |
| 2021-11 | 115.2 |
| 2021-10 | 114.5 |
| 2021-09 | 112.1 |
| 2021-08 | 111.3 |
| 2021-07 | 113.7 |
| 2021-06 | 115.9 |
| 2021-05 | 111.2 |
| 2021-04 | 97.0 |
| 2021-03 | 98.1 |
| 2021-02 | 90.7 |
| 2021-01 | 93.9 |
| 2020-12 | 92.9 |
| 2020-11 | 77.5 |
| 2020-10 | 90.1 |
| 2020-09 | 93.6 |
| 2020-08 | 94.3 |
| 2020-07 | 90.8 |
| 2020-06 | 84.7 |
| 2020-05 | 58.4 |
| 2020-04 | 45.4 |
| 2020-03 | 93.8 |
| 2020-02 | 106.1 |
| 2020-01 | 106.8 |
| 2019-12 | 106.8 |
| 2019-11 | 107.1 |
| 2019-10 | 106.9 |
| 2019-09 | 107.0 |
| 2019-08 | 106.3 |
| 2019-07 | 106.2 |
| 2019-06 | 107.1 |
| 2019-05 | 107.4 |
| 2019-04 | 107.5 |
| 2019-03 | 106.4 |
| 2019-02 | 104.7 |
| 2019-01 | 104.5 |
| 2018-12 | 103.8 |
| 2018-11 | 106.9 |
| 2018-10 | 106.5 |
| 2018-09 | 107.4 |
| 2018-08 | 107.9 |
| 2018-07 | 108.2 |
| 2018-06 | 109.1 |
| 2018-05 | 109.7 |
| 2018-04 | 111.5 |
| 2018-03 | 111.9 |
| 2018-02 | 112.0 |
| 2018-01 | 113.1 |
| 2017-12 | 113.5 |
| 2017-11 | 112.3 |
| 2017-10 | 111.1 |
| 2017-09 | 111.2 |
| 2017-08 | 110.7 |
| 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 | 106.3 |
| 2016-12 | 106.3 |
| 2016-11 | 103.9 |
| 2016-10 | 103.9 |
| 2016-09 | 103.7 |
| 2016-08 | 103.6 |
| 2016-07 | 104.1 |
| 2016-06 | 103.2 |
| 2016-05 | 104.6 |
| 2016-04 | 102.5 |
| 2016-03 | 103.2 |
| 2016-02 | 103.3 |
| 2016-01 | 104.4 |
| 2015-12 | 101.8 |
| 2015-11 | 103.3 |
| 2015-10 | 103.3 |
| 2015-09 | 102.4 |
| 2015-08 | 103.2 |
| 2015-07 | 101.4 |
| 2015-06 | 101.0 |
| 2015-05 | 99.8 |
| 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 | 85.9 |
| 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 | 98.7 |
| 2011-08 | 101.5 |
| 2011-07 | 106.6 |
| 2011-06 | 108.2 |
| 2011-05 | 108.4 |
| 2011-04 | 109.2 |
| 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 | 93.0 |
| 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 | 77.5 |
| 2009-05 | 73.9 |
| 2009-04 | 70.6 |
| 2009-03 | 68.9 |
| 2009-02 | 72.6 |
| 2009-01 | 74.4 |
| 2008-12 | 76.1 |
| 2008-11 | 79.1 |
| 2008-10 | 82.6 |
| 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 | 112.0 |
| 2007-01 | 110.1 |
| 2006-12 | 110.1 |
| 2006-11 | 111.8 |
| 2006-10 | 109.9 |
| 2006-09 | 109.9 |
| 2006-08 | 109.3 |
| 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
- Source: INSEE – business tendency surveys.
In September 2026, the business climate has fallen back markedly in retail trade and trade and repair of motor vehicles. At 94, the synthetic indicator has lost five points and has moved away from its long-term average (100). This deterioration mainly results from the fall in the balance related to ordering intentions and, to a lesser extent, from the declines in the balances related to general business outlook and past sales. The business climate has sharply fallen back in retail trade (excluding motor vehicles).
The business climate is stable in manufacturing industry. At 101, the synthetic indicator remains slightly above its long-term average (100). Balances of opinion relating to production, both past and expected, have increased, while the one relating to global order books has decreased.
The business climate in services has slightly deteriorated. At 98, the synthetic indicator has lost one point and has moved away from its long-term average. The balances relating to expected demand, activity and workforce size have decreased, while the one relating to past activity has increased again.
The business climate in building construction is stable. At 96 since July 2026, the synthetic indicator remains below its long-term average (100). The building contractors' opinion on their expected activity has fallen back, whereas the one on past activity has increased anew.
Lastly, the business climate in wholesale trade has deteriorated again. At 93, the synthetic indicator has lost two points and has moved away from its long-term average (100), below which it has stood since January 2023. The balance of opinion relating to past export sales has dropped and the one related to ordering intentions has retreated.
tableauBusiness and employment climates
| May 26 | June 26 | July 26 | Aug. 26 | Sept. 26 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 94 | 95 | 97 | 98 | 96 |
| Manufacturing industry | 102 | 100 | 101 | 101 | 101 |
| Building construction | 96 | 95 | 96 | 96 | 96 |
| Services | 95 | 96 | 99 | 99 | 98 |
| Retail trade* | 89 | 91 | 96 | 99 | 94 |
| Wholesale trade | 97 | 95 | 93 | ||
| Employment | 95 | 98 | 99 | 99 | 98 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate has lost one point
In September 2026, the synthetic indicator of employment climate has declined by one point and stands at 98, below its long-term average (100).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2026-09 | 97.9 |
| 2026-08 | 99.2 |
| 2026-07 | 98.6 |
| 2026-06 | 98.2 |
| 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 | 94.8 |
| 2025-09 | 93.7 |
| 2025-08 | 94.5 |
| 2025-07 | 95.2 |
| 2025-06 | 97.7 |
| 2025-05 | 93.3 |
| 2025-04 | 96.7 |
| 2025-03 | 95.6 |
| 2025-02 | 93.7 |
| 2025-01 | 96.9 |
| 2024-12 | 96.5 |
| 2024-11 | 97.9 |
| 2024-10 | 97.7 |
| 2024-09 | 98.6 |
| 2024-08 | 98.2 |
| 2024-07 | 96.2 |
| 2024-06 | 99.6 |
| 2024-05 | 102.0 |
| 2024-04 | 101.5 |
| 2024-03 | 100.3 |
| 2024-02 | 102.6 |
| 2024-01 | 98.6 |
| 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 | 106.4 |
| 2023-05 | 106.7 |
| 2023-04 | 110.2 |
| 2023-03 | 109.7 |
| 2023-02 | 110.8 |
| 2023-01 | 112.6 |
| 2022-12 | 111.1 |
| 2022-11 | 108.5 |
| 2022-10 | 109.1 |
| 2022-09 | 107.8 |
| 2022-08 | 108.2 |
| 2022-07 | 110.8 |
| 2022-06 | 108.2 |
| 2022-05 | 110.4 |
| 2022-04 | 112.3 |
| 2022-03 | 113.3 |
| 2022-02 | 114.5 |
| 2022-01 | 110.5 |
| 2021-12 | 109.0 |
| 2021-11 | 113.8 |
| 2021-10 | 111.6 |
| 2021-09 | 105.9 |
| 2021-08 | 109.6 |
| 2021-07 | 108.9 |
| 2021-06 | 107.5 |
| 2021-05 | 101.6 |
| 2021-04 | 92.2 |
| 2021-03 | 90.8 |
| 2021-02 | 83.6 |
| 2021-01 | 85.7 |
| 2020-12 | 83.3 |
| 2020-11 | 79.9 |
| 2020-10 | 88.4 |
| 2020-09 | 91.2 |
| 2020-08 | 89.0 |
| 2020-07 | 79.0 |
| 2020-06 | 69.6 |
| 2020-05 | 49.6 |
| 2020-04 | 40.7 |
| 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 | 107.4 |
| 2019-07 | 107.6 |
| 2019-06 | 108.4 |
| 2019-05 | 106.4 |
| 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 | 108.0 |
| 2018-07 | 108.6 |
| 2018-06 | 109.8 |
| 2018-05 | 110.3 |
| 2018-04 | 109.8 |
| 2018-03 | 110.1 |
| 2018-02 | 109.6 |
| 2018-01 | 108.9 |
| 2017-12 | 108.3 |
| 2017-11 | 107.3 |
| 2017-10 | 108.1 |
| 2017-09 | 106.7 |
| 2017-08 | 104.9 |
| 2017-07 | 107.1 |
| 2017-06 | 107.6 |
| 2017-05 | 107.7 |
| 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 | 105.4 |
| 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 | 86.2 |
| 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 | 91.2 |
| 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 | 103.6 |
| 2011-08 | 105.2 |
| 2011-07 | 109.8 |
| 2011-06 | 111.2 |
| 2011-05 | 111.4 |
| 2011-04 | 109.1 |
| 2011-03 | 109.2 |
| 2011-02 | 111.0 |
| 2011-01 | 103.0 |
| 2010-12 | 105.8 |
| 2010-11 | 104.4 |
| 2010-10 | 102.9 |
| 2010-09 | 99.6 |
| 2010-08 | 98.2 |
| 2010-07 | 97.5 |
| 2010-06 | 97.5 |
| 2010-05 | 96.6 |
| 2010-04 | 95.2 |
| 2010-03 | 93.2 |
| 2010-02 | 90.8 |
| 2010-01 | 90.2 |
| 2009-12 | 88.7 |
| 2009-11 | 86.8 |
| 2009-10 | 84.3 |
| 2009-09 | 82.6 |
| 2009-08 | 84.1 |
| 2009-07 | 78.9 |
| 2009-06 | 74.8 |
| 2009-05 | 73.9 |
| 2009-04 | 74.4 |
| 2009-03 | 74.2 |
| 2009-02 | 78.9 |
| 2009-01 | 80.9 |
| 2008-12 | 84.1 |
| 2008-11 | 88.5 |
| 2008-10 | 95.7 |
| 2008-09 | 100.1 |
| 2008-08 | 101.4 |
| 2008-07 | 106.9 |
| 2008-06 | 104.6 |
| 2008-05 | 108.9 |
| 2008-04 | 113.3 |
| 2008-03 | 113.1 |
| 2008-02 | 114.8 |
| 2008-01 | 115.2 |
| 2007-12 | 115.1 |
| 2007-11 | 114.3 |
| 2007-10 | 112.7 |
| 2007-09 | 114.3 |
| 2007-08 | 113.8 |
| 2007-07 | 111.9 |
| 2007-06 | 113.9 |
| 2007-05 | 115.0 |
| 2007-04 | 112.3 |
| 2007-03 | 111.8 |
| 2007-02 | 112.6 |
| 2007-01 | 110.2 |
| 2006-12 | 112.4 |
| 2006-11 | 111.7 |
| 2006-10 | 110.2 |
| 2006-09 | 108.9 |
| 2006-08 | 110.2 |
| 2006-07 | 110.8 |
| 2006-06 | 111.8 |
| 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
- Source: INSEE – business tendency surveys.
Revisions
The business climate synthetic indicator for August 2026 has not been revised (after rounding). The indicator of business climate in services for August 2026 is revised downwards by one point and the one in manufacturing industry downwards by two points (after rounding): these revisions are due to the inclusion of late responses from companies. The other indicators of climate by sector 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 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 27 August and 21 September 2026; most companies answer during the first two weeks of collection.
Next issue: 22 October 2026 at 08:45 am.
Documentation
Methodology note (update July 2026 in French) (pdf,106 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 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 27 August and 21 September 2026; most companies answer during the first two weeks of collection.
Next issue: 22 October 2026 at 08:45 am.