France’s business climate held steady at 96.0 in July 2025, below the long-term average (100) for the fourth consecutive month, as stability in services and construction offset a decline in retail trade.

• Retail trade climate fell -1.1 pt to 98.3, led by weaker ordering intentions.
• Manufacturing dipped -1.0 pt to 96.5, with declines in production and foreign order books.
• Services grew 0.9 pts to 96.4; activity outlook improved, but expected demand and general sentiment worsened.
• Construction eased -0.9 pts to 95.6, with worsening expectations for future activity and lower capacity utilization.
• Wholesale trade rose +2.5 pts to 96.9, supported by stronger past sales and higher foreign merchandise inflows.
• The employment climate indicator declined -1.6 pts to 96.7, driven by reduced past workforce size in the services sector (ex-temp work).