FX.co ★ France Business Climate Weakens in February

France’s overall business climate indicator declined to 97 in February 2026, down from 99 in January and marking its lowest level since late October. This places it further below its long-term average of 100. Manufacturing confidence fell to 102 from 105, returning to its December level yet still remaining above its historical norm, as assessments of both past and expected production, as well as overall order books, worsened. Sentiment in services also deteriorated, with the indicator slipping to 95 from 98, as all subsectors contributed to the decline. In retail trade and motor vehicle repair, the indicator edged down to 98 from 99, moving further below its long-term average. By contrast, the business climate in building construction was stable at 97, still below its usual benchmark. The employment climate weakened further, dropping to 93 from 94 and remaining well below average, mainly reflecting softer hiring expectations in services excluding temporary employment agencies.