The HCOB France Composite PMI for July 2025 was revised down to 48.6, significantly below the flash estimate of 49.6 and June’s 49.2. The reading points to a moderate yet accelerating contraction, marking the 11th straight month of downturn, driven by declines in both manufacturing (PMI at 48.2 vs 48.1) and services (48.5 vs 49.6). Demand weakened in both sectors, particularly manufacturing, with sharper declines in new business causing the biggest drop in overall sales since April. Job losses in services outweighed factory hiring, causing private sector employment to decline at its fastest pace in three months. Regarding price developments, Input cost and output charge inflation remained subdued by historical standards. Year-ahead output expectations weakened sharply after June’s improvement, pushing business confidence to a six-month low.