The HCOB France Composite PMI for January 2026 was at 49.9 in February 2026, matching the preliminary estimate, up from 49.1 in the prior month. The data suggested that French private sector activity remained largely stagnant in February, with persistent uncertainty affecting demand. The services PMI edged up to 49.6 but remained below 50, signaling ongoing contraction compared to January’s 48.4. Conversely, manufacturing output rose for a second successive month in February. New business fell for the third month, with services most affected. Employment rose slightly, driven by services, while factory staffing fell. Backlogs declined for a sixth month. Turning to prices, output charges climbed to their highest since October 2024, even as input cost pressures eased. Year-ahead output expectations remained strong, staying close to January’s 16-month high.
