France Services Activity Rebounds in September

The S&P Global France Services PMI stood at 51.2 in September 2026, revising lower than the preliminary estimate of 51.4 but rising from 48.0 in August, marking the first expansion in services activity since last December. Growth remained modest and below the survey average, while new business declined marginally as uncertainty weighed on sales. New export orders also fell for the 14th consecutive month, although the decline was the weakest since November 2025. Employment decreased for a fifth straight month, but the pace of job losses was marginal and the slowest since June. On the price front, input costs rose further due to higher fuel, computer hardware and raw material prices, while prices charged increased at their fastest pace in more than three years. Business expectations remained positive but weakened from August, with the forthcoming election period, higher interest rates and low client confidence weighing on the outlook.

The S&P Global France Services PMI rose to 51.4 in September 2026 from 48.0 in August, reaching a 10-month high, signalling a return to expansion in the services sector and exceeding market expectations of 48.3, preliminary estimates showed. The upturn in services activity was supported by improving demand and rising sales, while new orders increased for the first time in 10 months, pointing to a renewed improvement in business activity.

The S&P Global France Services PMI fell to 48.0 in August 2026, revising lower than the preliminary estimate of 48.4 and marking a sharper contraction than 49.6 in the previous month. New business declined for the eighth time in the past nine months, with firms citing the impact of extreme heat, particularly on demand from non-domestic markets. Employment also fell once again, as companies continued to avoid replacing departing workers and reduced permanent staff numbers. On the price front, input costs rose further, with higher fuel prices identified as a key source of inflationary pressure. Meanwhile, output charges recorded their highest increase in three months. Looking ahead, French service providers became more optimistic about the 12-month outlook, although confidence remained historically weak and below the survey average. Political uncertainty, weaker client demand, and challenging global economic conditions continued to weigh on sentiment.