The HCOB France Services PMI came in at 50.1 in December 2025, slowing from 51.4 in the previous month and revised downward from the preliminary estimate of 50.2. The latest PMI reading signaled broadly unchanged activity levels across France's service sector, with demand virtually stagnant during the month. While some firms reported an uptick in client interest, uncertainty led many prospects and customers to delay spending decisions. In addition, employment remained largely unchanged, continuing the trend observed in November. On the cost side, input price inflation remained historically low, as companies were more willing to absorb cost increases rather than pass them on to clients. Meanwhile, output prices were broadly unchanged, with some businesses citing competitive pressures as a reason for keeping prices steady. Looking ahead, service sector companies remained cautiously pessimistic, with growth expectations continuing to hover near historically weak levels.