20.02.202608:15:00UTC+00France’s Services Sector Nears Expansion as HCOB PMI Climbs to 49.6 in February

France’s services sector showed signs of stabilization in February 2026, with the HCOB France Services Purchasing Managers’ Index (PMI) edging up to 49.6 from 48.4 in January. The latest reading, updated on 20 February 2026, indicates that while the sector remains in mild contraction, it is moving closer to the 50-point threshold that separates decline from growth.

The improvement from January’s level suggests that conditions in the services economy are gradually firming, even if overall activity has yet to tip into expansion territory. The upward move in the index may be interpreted by market participants as a tentative sign that the worst of the recent slowdown in France’s services sector could be easing.

Investors and policymakers will be watching upcoming readings closely to see whether February’s gain marks the start of a sustained recovery or merely a temporary pause in weakness. For now, the climb toward the neutral 50 mark hints at improving momentum, but confirms that the sector has not fully returned to growth.