FX.co ★ French Private Sector Momentum Weakens as March Composite PMI Slips to 48.3

France’s private sector activity lost further steam in March, as the HCOB France Composite PMI declined to 48.3, down from 49.9 recorded in February 2026. The latest reading, released on 24 March 2026, signals a deeper contraction in overall business activity, moving the index further below the 50-point threshold that separates expansion from decline.

The drop from February’s already sub-50 level suggests that both manufacturing and services have come under increased pressure, highlighting a more challenging operating environment for French firms as the first quarter draws to a close. With the composite indicator now at 48.3, the data point to a weakening growth pulse and may raise concerns about the resilience of domestic demand and broader economic momentum in France.