FX.co ★ France's Construction Slump Eases Slightly as HCOB PMI Inches Up in January

France’s construction sector showed a marginal easing in its downturn at the start of 2026, as the HCOB France Construction PMI edged up to 43.5 in January from 43.4 in December 2025. The latest data, updated on 5 February 2026, indicate that while activity remains firmly in contraction territory, the pace of decline has softened slightly on a month‑over‑month basis.

The Purchasing Managers’ Index remains well below the 50.0 threshold that separates expansion from contraction, underscoring continued weakness in the sector. However, the fractional month‑over‑month improvement suggests that the severity of the slowdown may be stabilising after previous months of more pronounced declines.

In the context of consecutive monthly comparisons, the January reading is measured against December’s performance, while December’s figure was itself a comparison to November’s. This sequence highlights that although French construction activity is still shrinking, the latest data hint at a modest, tentative step toward a less acute downturn.