by Sudip Kar-Gupta
PARIS (Reuters) – Private service sector activity contracted in November, according to the S&P Global business survey published on Thursday, due to the deterioration in demand for goods and services in the country’s second-largest economy. the euro zone.
The HCOB “flash” PMI index among purchasing managers for the services sector in November stood at 45.3, compared to 45.2 in October and a consensus of 45.6, but it remains below the threshold of 50 which separates growth from a contraction in activity.
The “flash” PMI for the manufacturing sector fell to 42.6 in November, compared to 42.8 in October, and a consensus of 43.1.
The composite “flash” PMI index, which includes services and the manufacturing sector, stood at 44.5, compared to 44.6 in October, and a consensus of 45.0.
“The French economy is in something of an impasse. Production declined for the sixth consecutive month, notably due to a drop in global and foreign demand. Activity levels in both sectors – manufacturing and services – fell significantly in November,” notes Norman Liebke, economist at Hamburg Commercial Bank.
“The threat of inflation remains significant. The latest PMI data indicates that prices continue to rise sharply, suggesting that inflation could remain at higher-than-expected levels for longer than anticipated,” he said. he added.
(Report Sudip Kar-Gupta, Corentin Chappron, edited by Blandine Hénault)
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