FX.co ★ France Composite PMI Revised to Show Expansion

The HCOB France Composite PMI for November 2025 experienced an upward revision to 50.4, surpassing the preliminary estimate of 49.9 and the October figure of 47.7. This adjustment indicates a resurgence in growth within the French private sector, marking its first expansion since August 2024. The recovery was primarily fueled by a robust performance in the services sector, which reached a more than one-year high with a PMI of 51.4, compared to 48 in October. Conversely, the manufacturing sector continued its contraction at a significant rate for the third consecutive month, with its PMI dropping to a nine-month low of 47.8 from 48.8. The private sector observed a rise in new orders, driven by heightened demand for French services, although the overall increase in new business was modest. Export activities bolstered sales, with overseas orders rising for manufacturers and stabilizing within services. However, employment saw a decline for the first time in four months due to widespread reductions in payrolls, alongside a faster decrease in backlogs. While input costs peaked at a three-month high, selling prices remained relatively unchanged. Finally, although business sentiment showed an improvement, it persisted in a generally restrained state.