FX.co ★ HCOB France Services PMI Slightly Edges Up in July, However, Remains Below Growth Parity

The latest data released on July 24, 2025, shows a marginal improvement in the HCOB France Services Purchasing Managers' Index (PMI). The index rose slightly from 49.6 in June to 49.7 in July. Despite this positive movement, the figure remains below the 50.0 growth threshold, indicating a continued contraction in the services sector.

The services PMI is a key indicator of the economic health of the service sector in France, providing insights into business conditions such as output, new orders, and employment. A reading below 50.0 signals a contraction in activity, while a reading above this level indicates expansion.

The near-stagnation at 49.7 suggests that while the services sector is showing signs of improvement, it has yet to achieve the momentum required for a robust recovery. Businesses continue to face challenges, and the marginal increase indicates cautious optimism as various sectors adapt to ongoing economic pressures. Observers will be keen to see whether future data will report a breakthrough above the growth threshold, signalling stronger confidence in the sector.