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FR: Business Climate Indicator
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Index | 94 | 94 to 95 | 97 | 94 | 95 |
Highlights
France’s business climate showed a broad but incomplete recovery in July 2026. The composite indicator rose by two points to 97, approaching its long-term average of 100, while the stable employment indicator of 98 suggests that stronger business confidence has not yet translated into increased recruitment.
Retail trade provided the principal momentum, surging eight points to 99 as ordering intentions and expectations improved markedly. This may signal renewed consumer demand and greater confidence among retailers. Manufacturing also strengthened to 101, becoming the only major sector operating above its historical norm, supported by improved production and global order books.
Nevertheless, the recovery remains uneven. Services advanced to 98 across most subsectors, although continued weakness in information and communication indicates sector-specific pressures. Construction remained subdued at 95, with improving past activity offset by weaker expectations, suggesting caution over future investment. Wholesale trade also fell to 95 as domestic and export sales weakened.
In summary, France appears to be entering a cautious recovery, but fragile external demand, construction weakness and restrained hiring could limit its durability. These latest updates take the RPI to 3 and the RPI-P to 30, meaning that economic activities based on the RPI are now within market expectations in France.
Market Consensus Before Announcement
Business climate index seen flat at 94 in July from June.