FX.co ★ French Private Sector Slips Back Into Contraction as October Composite PMI Falls Below 50

France’s private sector returned to contraction territory in October, as the HCOB France Composite PMI dropped to 48.4 from 51.1 in September 2026, according to data updated on 23 October 2026.

The move below the 50-point threshold — which separates expansion from contraction — signals a renewed loss of momentum after a brief period of growth in September. The latest reading suggests weakening activity across both manufacturing and services, raising concerns over the durability of France’s recent economic stabilization.

With October’s decline erasing the previous month’s gains, markets and policymakers will be closely watching upcoming data for signs of whether this downturn is temporary or the beginning of a more prolonged slowdown in French business activity.