FX.co ★ France Business Climate Edges Up in November

In November 2025, France's business climate indicator experienced a slight uptick, rising to 98 from October's 97, although still trailing its long-term average of 100. This positive shift was largely attributed to growth in the services sector, which saw its index rise to 98 from 95, driven by stronger demand expectations, inching closer to its long-term average. Meanwhile, the indices for building construction and wholesale trade remained steady at 96 and 98, respectively. Ordering intentions decreased marginally, yet the general business outlook saw a significant improvement. Conversely, the manufacturing index dropped to 98 from 101, indicative of weaker production prospects and a thinning order book. The climate in the retail trade and motor vehicle repair sectors also dipped to 97, reflecting contrasting trends—stronger performance in retail trade excluding motor vehicles and continued decline in the motor vehicle sector. The employment climate showed a modest improvement, moving up to 96 from the previous month's 95, although it still fell short of the average level observed since mid-2024.