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Financial News: French Private Sector Contracts At Slower Pace In

French Private Sector Contracts At Slower Pace In December

12/16/2020 - 03:31:00 (RTTNews)

(RTTNews) - Despite strict Covid-19 lockdown restrictions, the French private sector logged a softer decline in December, flash survey results from IHS Markit showed Wednesday.

The flash composite output index advanced more-than-expected to 49.6 from 40.6 in November. The expected score was 42.9.

Service providers registered a substantially slower reduction compared to November's six-month record. Meanwhile, manufacturers posted a fresh expansion in output.

The services Purchasing Managers' Index moved up to 49.2 from 38.8 a month ago. The reading was also well above economists' forecast of 40.0.

The manufacturing PMI came in at 51.1 versus 49.6 in the prior month and 50.1 expected by economists. With lockdown restrictions having eased this week and a clearer pathway to immunising the population ahead, firms can now begin working back up towards precoronavirus levels of activity, Eliot Kerr, an economist at IHS Markit said.

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