France Private Sector Returns to Growth in September, Composite PMI Hits 25-Month High of 51.2

France's private sector expanded in September at its fastest pace in 25 months, with the S&P Global Flash France Composite Output Index rising to 51.2 from 48.5 in August, crossing the 50-mark that separates growth from contraction, S&P Global said on September 23, 2026. The Flash France Services PMI Business Activity Index climbed to 51.4 from 48.0, a 10-month high, providing most of the momentum. Manufacturing output growth slowed and remained marginal. New orders rose for the first time in 10 months, and new foreign business posted its softest contraction this year. Companies cut staff for a fifth consecutive month, while input costs and output charges rose at their fastest rates since May on higher fuel, energy, metals and component prices. Business expectations deteriorated further, leaving French firms the least optimistic since May amid higher interest rates, political uncertainty and international competition.