PARIS (Reuters) – Activity in the services sector in France contracted further in September, driven by a drop in demand and new orders, preliminary results of surveys of business managers showed on Friday. purchases made by S&P Global/HCOB.
The “flash” PMI index for the services sector fell to a 34-month low, to 43.9 this month after 46.0 in August and 46.0 expected by the consensus.
The 50 mark separates growth and contraction in activity.
The “flash” PMI index for the manufacturing sector stood at 43.6 after 46.0 in August and a consensus of 46.0.
The composite index, which includes the manufacturing and services sectors, stood at 43.5 compared to 46.0 in August. The consensus was also for 46.0.
“The French economy is heading for troubled waters. Business activity fell sharply in the service and industrial sectors in September, mainly due to a drop in demand for French products and services. As a result, French companies are reducing their orders,” underlines Norman Liebke, economist at Hamburg Commercial Bank.
“In this month of September, manufacturers are more pessimistic than ever since the start of the pandemic, with growth forecasts having fallen to their lowest level since May 2020,” he adds.
(Reporting Benoit Van Overstraeten; French version Claude Chendjou, edited by Blandine Hénault)
©2023 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.