FX.co ★ France’s Services Sector Weakens as HCOB PMI Slips Deeper Below Growth Threshold in March

France’s services sector lost further momentum in March 2026, with the HCOB France Services Purchasing Managers’ Index (PMI) easing to 48.3 from 49.6 in February. The latest reading, updated on 24 March 2026, leaves the index below the 50.0 threshold that separates expansion from contraction, signalling a further deterioration in operating conditions.

The decline from February’s 49.6 suggests that the slowdown in France’s services activity has not only persisted but intensified into March. With the PMI remaining in sub-50 territory, the data point to ongoing pressure on the country’s key services industries at the close of the first quarter of 2026.