The HCOB France Services PMI fell to 47.1 in October 2025 from 48.5 in the previous month, worse than market expectations of 48.4, flash estimates showed. This marked the fourteenth consecutive month of contraction and the sharpest decline since February, as output declined at a faster pace amid weak client demand and subdued domestic economic conditions. Moreover, new orders extended its nearly year-and-a-half-long period of contraction, reflecting reduced client spending linked to ongoing domestic political volatility. Meanwhile, service providers recorded slightly stronger job growth than the manufacturing sector. On the price front, the latest data signaled a further easing of cost pressures, with input cost inflation at its weakest since November 2020. At the same time, there was a renewed but marginal rise in output prices, reversing the discounting trend observed in the previous month.