FX.co ★ France Business Climate Deteriorates in September

France’s overall business climate index declined to 96 in September 2026, down from 98 in August, moving further below its long-term average of 100. The deterioration was driven mainly by retail trade, where the indicator fell five points to 94 amid weaker order intentions, a more pessimistic overall business outlook, and less favourable assessments of past sales. The services climate also edged down, to 98 from 99, as balances related to demand, activity, and expected staffing all declined. In wholesale trade, the climate index dropped two points to 93, reflecting weaker past export sales and reduced order intentions. By contrast, the business climate in industry held steady at 101, remaining slightly above its long-term average, with stronger past and expected production offsetting softer overall order books. The construction climate was also unchanged at 96, as improved assessments of past activity counterbalanced a weaker business outlook. The employment climate index slipped by one point, to 98.