French Business Activity Contracts Unexpectedly in January as Services Sector Declines
French business activity unexpectedly contracted in January. The services sector slump outweighed manufacturing gains amid ongoing trade policy uncertainty.
Insights:
French business activity saw an unexpected contraction in January 2026, marking a notable downturn for the eurozone's second-largest economy. According to the latest flash survey data from HCOB France (Hamburg Commercial Bank) and S&P Global, the flash composite Purchasing Managers' Index (PMI) for France 
FRslipped to 48.6 points. This figure represents a drop from the 50.0 recorded in December and fell short of the 50.0 consensus forecast. The decline highlights broad-based economic weakness as the French private sector struggles to maintain momentum.
FRslipped to 48.6 points. This figure represents a drop from the 50.0 recorded in December and fell short of the 50.0 consensus forecast. The decline highlights broad-based economic weakness as the French private sector struggles to maintain momentum.
