Global Leading Indicators

For Release 9:30 AM ET, November 13, 2025

Using the Composite Indexes: The Leading Economic Index (LEI) provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index (CEI) provides an indication of the current state of the economy. Additional details are below.

The Conference Board Leading Economic Index^® (LEI) for France rose by 0.4% in September 2025 to 110.2 (2016=100), after increasing by 0.3% in August. Overall, the France LEI grew by 1.9% over the six-month period from March to September 2025, accelerating from an increase of 0.2% over the previous period, from September 2024 to March 2025.

The Conference Board Coincident Economic Index^® (CEI) for France inched up by 0.1% to 111.2 (2016=100) in September 2025, after a similar gain in August. Over the six-month period from March to September 2025, the CEI for France increased by 0.5%, more than reversing a decline of 0.1% over the previous six-month period.

“The France LEI increased in September for a fourth consecutive month,” said Allen Li, Associate Economist at The Conference Board. “This improvement needs to be interpreted with caution as the strongest positive contribution came from the widening yield spread which in the past few months has been driven by fiscal uncertainty and credit downgrades. Nonetheless, production expectations improved sharply, a positive sign for future economic activity. Following the stronger than expected Q3 GDP reading, The Conference Board currently expects overall GDP growth at 0.8% in 2025, upgraded from 0.6%, and accelerating slightly to 1.0% in 2026.”

The next release is scheduled for Thursday, December 11, 2025, at 9:30 A.M. ET.

The France LEI increased in September

NOTE: The chart illustrates the so-called 3Ds—duration, depth, and diffusion—for interpreting a downward movement in the LEI. Duration refers to how long the decline has lasted. Depth denotes the size of decline. Duration and depth are measured by the rate of change of the index over the most recent six months at an annualized rate. Diffusion is a measure of how widespread the decline is among the LEI’s component indicators—on a scale of 0 to 100, a diffusion index reading below 50 indicates most components are weakening.

The 3Ds rule signals an impending recession when: 1) the six-month diffusion index lies at or below 50, shown by the black warning signal lines in the chart; and 2) the LEI’s six-month growth rate (annualized) falls below the threshold of −2.4%. The red recession signal lines indicate months when both criteria are met simultaneously—and thus that a recession is likely imminent or underway.

About The Conference Board Leading Economic Index® (LEI) and Coincident Economic Index® (CEI) for France

The composite economic indexes are key elements in an analytic system designed to signal peaks and troughs in the business cycle. Comprised of multiple independent indicators, the indexes are constructed to summarize and reveal common turning points in the economy in a clearer and more convincing manner than any individual component.

The CEI reflects current economic conditions and is highly correlated with real GDP. The LEI is a predictive tool that anticipates—or “leads”—turning points in the business cycle by around seven months.

The seven components of Leading Economic Index® for France are:

• Yield Spread
• Stock Prices
• Building Permits
• New Unemployment Claims
• Industrial New Orders
• Production Expectations
• Ratio P/L Cost

The four components of the Coincident Economic Index® for France are:

• Industrial Production
• Personal Consumption
• Employment (Private sector)
• Wages and Salaries

To access data, please visit: https://data-central.conference-board.org

About The Conference Board

The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead^®. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. TCB.org