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The S&P Global France Services PMI rose to 51.2 in September 2026, coming in slightly below the preliminary estimate of 51.4 but up from 48.0 in August. This signaled the first expansion in services activity since the previous December. However, growth remained modest and below the long-run survey average.
Overall demand conditions were soft, with total new business edging down slightly as uncertainty continued to weigh on sales. New export orders also declined for the 14th consecutive month, though the pace of contraction was the slowest since November 2025.
Employment fell for a fifth straight month, but job losses were marginal and the least marked since June.
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On the cost side, input prices rose further, driven by higher fuel, computer hardware, and raw material costs. In response, firms raised their selling prices at the fastest rate in more than three years.
Business expectations for the year ahead remained in positive territory but deteriorated compared with August. The upcoming election period, tighter monetary conditions, and subdued client confidence all weighed on the outlook.
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