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Financial News: French Private Sector Contracts In November

French Private Sector Contracts In November

11/23/2022 - 06:08:00 (RTTNews)

(RTTNews) - France's private sector activity deteriorated in November for the first time since early 2021, flash survey results from S&P Global showed on Wednesday.

The flash composite output index dropped to a 21-month low of 48.8 in November from 50.2 in October. The reading was forecast to drop to 49.5.

Any reading below 50 indicates contraction, while a score above 50 suggests expansion in the sector.

Manufacturing production volumes continued to contract in November, marking the sixth consecutive month of decline, although a fall in service sector activity drove the overall decrease.

According to survey data, new business intakes dropped again in November, dampening economic activity levels.

The services Purchasing Managers' Index dropped to a 20-month low of 49.4 from 51.7 in October. The score was forecast to ease marginally to 50.6.

At the same time, the manufacturing PMI rose to a 3-month high of 49.1 in November from 47.2 a month ago. The expected score was 47.0.

"Business confidence slumped to a two-year low, while a renewed drop in backlogs of work and slowing employment growth highlight growing fragility of the French economy," Joe Hayes, a senior economist at S&P Global Market Intelligence s?aid.

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