The HCOB France Composite PMI declined to 46.8 in October 2025 from 48.1 in the previous month, preliminary data showed. This marked the 14th straight month of contraction in private sector activity and the sharpest since February, amid continued declines in both the services (47.1 vs 48.5 in September) and manufacturing (48.3 vs 48.2) sectors. New orders dropped further, extending the current downturn to nearly a year-and-a-half, with survey respondents citing reduced client spending amid a volatile domestic political environment. On a positive note, employment rose for the third straight month, with job growth seen in both sectors. Input cost inflation eased to its lowest level since November 2020, while output prices increased only marginally after falling in September. Looking ahead, although French businesses generally maintained a positive outlook, expectations for output over the next 12 months softened and were the weakest since July.