FX.co ★ French Services PMI Returns to Expansion

In November 2025, the HCOB France Services PMI saw an improved reading of 51.4, up from both the earlier preliminary estimate of 50.8 and the October figure of 48. This shift marks the first instance of expansion since August 2024, primarily fueled by a revival in service sector output, with new business witnessing its first monthly rise since August of the previous year. However, the consistent hiring trend observed since August was halted due to factors such as employee resignations and a decline in fixed-term contract opportunities. On the pricing side, input costs continued their upward trajectory, driven by increased expenses in salaries, energy, and raw materials. Despite these cost pressures, output prices remained mostly stable, constrained by fierce competition that curtailed companies' ability to raise prices. Looking ahead, French service providers maintain a positive outlook for the coming year, anticipating a rise in client numbers, the introduction of new products, and plans to expand their employee base.