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2025-12-16 16:38:18
[French Services PMI Expansion Slows in December] ⑴ Preliminary data shows that the French HCOB services PMI fell to 50.2 in December from 51.4 in November. ⑵ Nevertheless, the reading remained in expansion territory for the second consecutive month, mainly due to a slight increase in output driven by growth in both new and existing business. ⑶ Backlogs declined at their fastest pace since July, indicating faster project completion. ⑷ In addition, employment in the services sector increased slightly. ⑸ On the other hand, new business contracted, mainly due to factors such as uncertainty surrounding the government budget, customers postponing non-essential spending, reduced customer activity, and a weak market environment. ⑹ In terms of prices, input cost inflation moderated but remained well below its long-term trend; output prices remained largely unchanged. ⑺ Finally, the HCOB future output index further declined below its historical average, indicating relatively weak market expectations for the coming year.
