FX.co ★ French Private Sector Slump Deepens as May Composite PMI Falls to 43.5

France’s private sector downturn intensified in May 2026, with the HCOB France Composite PMI dropping to 43.5, down sharply from 47.6 in April 2026. The latest reading, updated on 21 May 2026, signals a deeper contraction in overall business activity across both manufacturing and services.

A Composite PMI below the 50.0 threshold indicates a decline in private sector output, and May’s figure underscores mounting pressure on France’s economy. The steep fall from the previous month suggests weakening demand and a more challenging environment for French businesses as the second quarter progresses.

With the index now firmly entrenched in contraction territory, the May data will likely fuel concerns over the strength and resilience of France’s economic momentum heading into the remainder of 2026.