France Services Activity Contracts in October

The S&P Global France Services PMI fell to 48.4 in October 2026 from 51.2 in September, returning to contraction territory, according to preliminary estimates. The reading also came in below market expectations of 50.7. The downturn reflected a sharp decline in demand for services, amid heightened political uncertainty and tighter financial conditions. Business confidence also weakened, with firms' expectations for activity over the next 12 months falling to their lowest level in six and a half years.

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.