France PMI Manufacturing improved from 47.2 to 49.1 in November. But PMI Services dropped from 51.7 to 49.4, a 20-month low. PMI Composite dropped from 50.2 to 48.8, a 21-month low.
Joe Hayes, Senior Economist at S&P Global Market Intelligence said:
“Although France’s manufacturing sector has been in a downturn since the start of the second half of 2022, overall economic activity levels throughout this period had been propped up by continued growth in services. This vital support for the economy looks to have ended as service sector output fell for the first time in just over a year-and-a-half in November. As a consequence, ‘flash’ PMI data pointed to the first reduction in French economic activity since February 2021.