The HCOB France Services PMI fell to 48 in October 2025 from 48.5 in September, although this was revised upward from the preliminary estimate of 47.1. This marked the fourteenth consecutive month of contraction and tied for the fastest decline since April, dragged down by subdued demand and sluggish market conditions. New business across the sector declined, with political uncertainty cited as a key factor weighing on sales performance. Meanwhile, employment growth accelerated, reflecting the filling of vacant positions and staff expansions in anticipation of increased activity. On the price front, operating expenses rose at the slowest pace in over four and a half years, while output charges recorded a renewed increase. Looking ahead, expectations for the next twelve months remained broadly positive, as service providers expressed optimism stemming from upcoming product launches, new contracts in the pipeline, and ongoing recruitment plans.