In January 2026, France's business climate indicator remained steady at 99, unchanged from the previous month, and slightly below the long-term average of 100. The overall climate was buoyed by improvements in the manufacturing sector, with its index climbing to 105, up from 102 in December, marking the highest point since July 2022. Wholesale trade sentiments experienced a rebound, reaching 100 from 98, indicating a return to its long-term average for the first time since November 2022, bolstered by enhanced past export sales and stronger ordering intentions.
The service sector maintained a stable reading of 98, which remains below the average, as business leaders' expectations for activity and demand saw no change. The building construction sector also held its ground at a below-average 97, with both past and projected activities exhibiting stability. Conversely, the retail trade and motor vehicle repair sector declined to 99 from 104, largely reversing December's robust gains and signaling weaker ordering intentions. The employment climate index saw a decrease to 93 from 95, influenced by a drop in both the past and anticipated workforce size specifically within the services sector.
