France’s business climate indicator remained steady at 96 in September 2025, unchanged for the fourth consecutive month and stayed below the long-term average of 100 since August last year. Sentiment in services improved, with the composite indicator rising to 98 after three months of stability, driven by a rebound in information and communications. Wholesale trade also picked up slightly to 98, its highest since March 2023, supported by stronger foreign deliveries and ordering intentions. In construction, conditions were broadly stable at 98, as contractors reported better past activity but weaker expectations. Meanwhile, industry slipped to 96, reflecting softer orders and past production, though production prospects edged higher. Additionally, retail and automotive trade fell further to 92, the lowest since April 2022, as sales and outlook deteriorated, though the automotive segment saw a modest rebound.