The HCOB France Services PMI came in at 51.4 in November 2025, revised upward from the preliminary estimate of 50.8 and up from 48 in the previous month. This marked the first return to expansion since August 2024, driven by renewed growth in service-sector output as new business posted its first monthly increase since August last year. Meanwhile, the sustained hiring trend that had persisted since August came to an end, hindered by employee resignations and a reduction in fixed-term contract roles. On the price front, input costs continued to rise, fueled by higher salary, energy, and raw-material expenses. However, output charges remained broadly unchanged, as intense competition for work limited firms’ pricing power. Finally, French service providers remained optimistic about activity growth over the coming year, expecting an increase in client numbers, the launch of new products, and renewed plans to expand their workforces.