France’s business climate indicator held steady at 96 for the third straight month in July 2025, remaining at its lowest level since February and staying below the long-term average of 100. Sentiment was broadly stable across sectors, including construction and services both held at 96, while morale dipped slightly in manufacturing (96 vs 97) due to weaker production and foreign order books. Retail trade confidence also fell to 98 from 99, amid softer order intentions. On the other hand, wholesale trade was a bright spot, with confidence improving to 97 from 94 in May, supported by stronger past sales and better foreign deliveries. Meanwhile, the employment climate edged down to 97 from 98, mainly due to a decline in staff outlook in services (excluding temporary roles).