法国HCOB建筑业采购经理人指数从上个月的43.6降至2025年5月的43.1，标志着该行业再次出现月度大幅收缩，并将该行业的衰退延长至连续第三年。最新数据也代表了自2月以来最大的收缩，住房部门仍然是疲软的主要来源，建筑活动再次大幅下降。自2022年4月以来，新订单一直在稳步下降，受访者称客户决策缓慢是阻碍活动的关键因素。此外，建筑公司继续减少人员编制，尽管裁员速度很小，是九个月来最慢的。在定价方面，投入成本升至三个月高点，尽管总体通胀仍处于历史低位。展望未来，法国建筑商对12个月的前景变得更加悲观，公司表示需求疲软是主要担忧。

The HCOB Construction PMI in France fell to 43.1 in May 2025, from 43.6 in the previous month, marking another sharp monthly contraction and extending the sector's downturn into its third consecutive year. The latest figure also represented the steepest contraction since February, with the housing sector continuing to be the main source of weakness, posting another significant drop in building activity. New orders have now been falling steadily since April 2022, with survey respondents citing slow decision-making by clients as a key factor hampering activity. In addition, construction firms continued to reduce staffing levels, although the pace of job cuts was only marginal and the slowest in nine months. On the pricing front, input costs rose to a three-month high—though overall inflation remained historically subdued. Looking ahead, French constructors became more pessimistic about the twelve-month outlook, with firms citing weak demand as the primary concern.