HCOB法国服务业采购经理人指数在2025年9月降至48.5,低于最初估计的48.9。最新数据标志着自4月以来最快的联合下降,进一步陷入收缩。活动受到客户犹豫、销售状况疲软和不确定性上升的限制,而新业务连续第13个月萎缩,尽管是自1月以来最慢的速度。外国需求也减弱,延长了新出口订单下降的顺序。与此同时,公司继续招聘,就业人数连续第二个月上升,尽管幅度不大,但积压的工作进一步减少。在价格方面,投入成本小幅上涨,而由于竞争压力迫使折扣,产出价格自5月以来首次下调。最后,在需求和新产品预期增强的支撑下,商业信心升至三个月高点,尽管在政治不确定性的情况下,以历史标准衡量,商业信心仍受到抑制。
The HCOB France Services PMI fell to 48.5 in September 2025, revised down from the initial estimate of 48.9. The latest figure marked the joint-quickest decline since April, moving deeper into contraction. Activity was constrained by client hesitancy, weak sales conditions, and rising uncertainty, while new business shrank for a 13th consecutive month, though at the slowest pace since January. Foreign demand also weakened, extending the sequence of declining new export orders. Meanwhile, firms continued hiring, with employment rising for a second month, albeit marginally, while backlogs of work were further reduced. On the price front, input costs rose modestly, while output prices were cut for the first time since May as competitive pressures forced discounts. Lastly, business confidence improved to a three-month high, supported by expectations of stronger demand and new offerings, though remained subdued by historical standards amid political uncertainty.