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Financial News: France Private Sector Activity Contracts Further

France Private Sector Activity Contracts Further

03/21/2024 - 04:41:00 (RTTNews)

(RTTNews) - France's private sector activity contracted further at the end of the first quarter on faster fall in output and demand, flash survey data from S&P Global showed on Thursday.

The HCOB composite output index slid to 47.7 in March from a nine-month high of 48.1 in February. Economists had forecast the reading to improve to 48.6.

Although the decline was faster than in February, the drop was the second-slowest over the current ten-month downturn.

The survey showed that March's slightly faster contraction was driven by a quicker drop in services activity. By contrast, the slump in manufacturing production alleviated further with output down by the lowest degree since January 2023.

The flash services Purchasing Managers' Index dropped unexpectedly to 47.8 from 48.4 in the previous month. The score was seen at 48.7.

Likewise, the flash manufacturing PMI fell to 45.8, down from 47.1 a month ago. The reading was expected to rise to 47.5.

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