The HCOB France Composite PMI rose to 49.9 in November 2025, the highest since August 2024, up from October 's 47.7 and above market forecasts of 48.1, flash estimates showed. The latest reading signals a near-stabilization of business activity across France after more than a year of downturn. A rebound in services activity (PMI at 50.8 vs 48 in October) helped mitigate the impact of the accelerated contraction in manufacturing (PMI at 47.8 vs 48.8). New orders decreased only slightly, supported by stronger demand for French services. However, net employment fell for the first time since July, with job losses reported across both monitored sectors. On the price front, cost inflation accelerated, driven by both the manufacturing and service sectors. Lastly, business confidence improved, though expectations remained subdued by historical standards.