The HCOB France Composite PMI for May 2025 was revised higher to 49.3, compared to the flash estimate of 48, and above April's 47.8. The data signaled a marginal contraction overall, marking the softest decline in the ongoing nine-month downturn, as both the services (PMI at 48.9 vs 47.3 in April) and manufacturing sectors (PMI at 49.8 vs 48.7) showed smaller contractions. The pace of reduction in new orders was much slower than in April, although private sector export sales fell at a slightly faster pace. Despite renewed job growth in French factories, overall employment declined slightly as services firms reduced headcounts for the sixth consecutive month amid worsening business confidence. Input costs rose notably in May, driven mainly by services, yet prices charged for goods and services were discounted at their steepest level since January 2021.