2026.03.2408:31:11UTC+00France Services PMI at 5-Month Low

The S&P Global France Services PMI slipped to 48.3 in March 2026 from 49.6 in February, coming in below market expectations of 49, according to flash estimates. This signaled a third consecutive month of contraction and the steepest decline since October 2025, as activity was weighed down by subdued demand amid the conflict in the Middle East, heightened geopolitical uncertainty, and increased domestic client caution ahead of local elections.

Overall new business declined at the fastest pace since July 2025, with clients postponing or reducing orders, while international demand recorded its sharpest fall in fifteen months. In addition, service providers reported a slight reduction in staffing levels, as firms chose not to replace employees who left.

On the price front, input cost inflation picked up modestly, but firms’ output price increases remained relatively subdued. Finally, business confidence deteriorated markedly, as the war in the Middle East further clouded the outlook for the next twelve months, intensifying concerns about its potential impact on both demand and inflation.