FX.co ★ French Private Sector Activity Rebounds as HCOB Composite PMI Climbs Back Above 50 in September

France’s private sector returned to expansion in September, as the HCOB France Composite PMI rose to 51.2, up from 48.5 in August 2026. The latest reading, released on 23 September 2026, marks a notable shift from contractionary territory back into growth, with the index moving above the 50.0 threshold that separates expansion from decline.

The improvement in the composite index, which aggregates activity across both manufacturing and services, suggests that underlying economic momentum in France strengthened at the end of the third quarter. The move from 48.5 to 51.2 in just one month points to a broad-based uptick in private sector performance, potentially easing concerns about a deeper slowdown in the French economy.

Investors and policymakers will now be watching upcoming data closely to determine whether September’s rebound can be sustained, and whether the improved PMI reading translates into firmer output, employment, and investment trends in the months ahead.