FX.co ★ France’s Services Sector Returns to Growth as HCOB PMI Climbs Above 50 in September

France’s services sector moved back into expansion territory in September 2026, as the HCOB France Services PMI rose to 51.4, up from 48.0 in August. The latest reading, released on 23 September 2026, signals a notable turnaround after the sector had been in contraction.

The move above the 50.0 threshold, which separates growth from decline, suggests that activity in key service industries — such as finance, retail, hospitality and business services — has strengthened over the month. The shift from 48.0 to 51.4 indicates improving business conditions and could point to firmer domestic demand heading into the final quarter of the year.

While one month’s data does not confirm a sustained trend, the September PMI reading will likely be viewed positively by policymakers and investors monitoring the health of the French economy, especially after the weaker performance recorded in August 2026.