FX.co ★ France’s Services Sector Slips Back Into Contraction as HCOB PMI Falls Below 50

France’s services economy moved back into contraction territory in January, as the HCOB France Services Purchasing Managers’ Index (PMI) declined to 48.4. The reading, updated on 4 February 2026, compares with a previous level of 50.1, recorded in January 2026.

The drop below the 50.0 threshold — which separates expansion from contraction — signals a renewed weakening in activity across France’s services sector. The latest data suggest that momentum has softened after briefly stabilising around the expansion mark, raising concerns over the resilience of one of the key drivers of the French economy at the start of 2026.