(Reuters) – France’s services sector contracted in September, after an August boosted by the Paris Olympics, preliminary results of the monthly PMI survey from S&P Global and HCOB showed on Monday.
The flash purchasing managers’ index for the services sector fell to 48.3 this month from 55 in August.
The Reuters consensus was for 52.5.
The 50 mark separates growth and contraction in activity.
The data shows that the French economy is facing significant headwinds heading into the final quarter of the year, joining other eurozone economies, notably Germany, that are struggling to grow.
“There is great disappointment in the French services sector,” said Tariq Kamal Chaudhry, an analyst at Hamburg Commercial Bank.
The flash composite PMI for September, which combines the services and manufacturing sectors, rose to 47.4 points in September from 53.1 in August. The consensus was for 50.6 points.
The flash manufacturing PMI index stood at 44 points, up from 43.9 in August and below forecasts of 44.3.
(Written by Diana Mandiá, with Tassilo Hummel, edited by Kate Entringer)
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