PARIS (Reuters) – The services sector in France contracted in September, but less than initially expected, after the sharp increase observed in August with the Paris Olympic Games, shows a survey published Thursday by S&P Global.
The final S&P Global and HCOB services sector index stood at 49.6 in September after 55.0 in August and an initial estimate of 48.3.
The 50 mark separates growth and contraction in activity.
“The Olympic euphoria has faded: after the conclusion of the Olympic Games, the service sector lost its growth momentum,” notes Tariq Kamal Chaudhry, economist at Hamburg Commercial Bank.
“Falling customer numbers, reduced purchasing intentions and uncertainty were cited by surveyed companies as the main reasons for the slowdown in activity,” he added.
The composite PMI, which includes both the services and manufacturing sectors, rose to 48.6 in September from 53.1 in August, compared with an initial estimate of 47.4.
This figure has only exceeded the 50 mark twice since the start of the year, last month and in April.
(Written by Benoit Van Overstraeten; Claude Chendjou, edited by Blandine Hénault)
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