FX.co ★ French Construction Slump Eases as HCOB PMI Ticks Higher in May

France’s construction sector showed tentative signs of stabilisation in May, as the HCOB France Construction PMI edged up to 39.6 from 38.1 in April 2026, according to data updated on 4 June 2026. While the index remains firmly below the 50-point threshold that separates expansion from contraction, the month-over-month improvement points to a slower pace of decline.

The latest reading suggests that, compared with April, activity in May contracted less severely, offering a modest reprieve for a sector that has been under sustained pressure. The April figure of 38.1 had itself reflected a deterioration from the month before, making May’s uptick the first positive month-over-month shift in the indicator in this recent sequence.

On a month-over-month comparison basis, May’s “actual” movement indicates a narrowing gap relative to April’s “previous” comparison period. Although the construction industry in France remains in downturn territory, the rise in the PMI may hint that the worst of the current slowdown could be passing, pending confirmation from upcoming data releases.