PARIS (Reuters) – French business activity fell for the tenth consecutive month in March, as demand for goods and services slowed and employment weakened, according to the monthly PMI survey.
The preliminary HCOB PMI for services, compiled by S&P Global, fell to 47.8 in March, compared to 48.4 in February and 48.7 expected by consensus.
The 50 mark separates growth and contraction in activity.
The indicator for the manufacturing sector fell to 45.8 in March, compared to 47.1 in February and a consensus of 47.5.
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The composite indicator, which includes services and manufacturing, declined to 47.7 from 48.1 in February. The consensus of economists expected 48.6.
“The recovery of the French economy will take longer and will start in the second quarter at the earliest,” notes Norman Liebke, economist at the Hamburg Commercial Bank.
(Written by Inti Landauro, French version Corentin Chappron, edited by Blandine Hénault)
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