PARIS (Reuters) – The French services sector contracted a little less than expected in September, but remains at a nearly three-year low, as falling new orders and exports weighed on the zone’s second-largest economy euro.
The services index for September stood at 44.4 compared to 46.0 in August, show the final results published Wednesday of the monthly survey carried out by S&P Global among purchasing managers (PMI).
This is its lowest level since November 2020.
In a first estimate, the index stood at 43.9, while the 50 mark separates contraction and expansion of activity.
The composite index, which combines services and the manufacturing sector, also came out last month slightly higher than the first estimate which put it at 43.5. It went from 46.0 in August to 44.1 September, in its final version.
This is the lowest final figure since November 2020, when France faced its second COVID-19 lockdown.
“The French services sector is in troubled waters. According to the HCOB PMI index, activity continues to decline for the fourth consecutive month. For the moment, there is no sign of a trend reversal,” said said Norman Liebke, economist at Hamburg Commercial Bank.
(Reporting Benoit Van Overstraeten; Claude Chendjou, edited by Kate Entringer)
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