France’s overall business climate declined to 96 in September 2026 from 98 in August, moving further below its long-term average of 100. Retail trade recorded the sharpest deterioration, dropping five points to 94 as order intentions, the overall business outlook and assessments of past sales weakened. Services edged down to 98 from 99, reflecting weaker balances for demand, activity and expected staffing. Wholesale trade fell two points to 93 as past export sales and order intentions declined. Manufacturing’s business climate index was unchanged at 101 in September, matching August’s revised figure and July’s reading, but slightly below the market forecast of 102. Personal production prospects improved to 15 from 12, while general production prospects rose to -9 from -10 for a fifth consecutive month. Finished-goods inventories increased to 13 from 6, moving slightly above their long-term average. Overall order books deteriorated to -16 from -14, while foreign orders were stable for a third consecutive month at -12. Expected workforce size declined to -1 from 2, even as three-month selling-price expectations rose to 14 from 10, particularly in food and beverage manufacturing. Construction was unchanged at 96, with improved assessments of past activity balancing a weaker business outlook. The employment climate fell one point to 98.