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Financial News: French Private Sector Downturn Deepens In January

French Private Sector Downturn Deepens In January

01/24/2024 - 03:56:00 (RTTNews)

(RTTNews) - France's private sector activity contracted the most in four months in January, flash survey results from S&P Global revealed on Wednesday.

The headline HCOB composite output index dropped to 44.2 in January from 44.8 in December. This was the weakest score since September also below economists' forecast of 45.2.

The survey data showed sustained reductions in output at manufacturers and service providers. The manufacturing provided the strongest downward pull on total activity. At 43.2, the flash manufacturing Purchasing Managers' Index hit a four-month high and up from 42.1 in December. The score was forecast to rise moderately to 42.5.

At the same time, the flash services PMI slid to 45.0 from 45.7 a month ago. The expected reading was 46.0.

"The French economy is kicking off 2024 on a slow note," Hamburg Commercial Bank economist Norman Liebke said. "The latest HCOB Flash PMIs show a depressing picture overall," the economist added.

Liebke said France is likely to stagnate in the first quarter of 2024, but risks are to the downside.

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