French economy contracted in November – flash PMI

Must read

Joe Biden pays tribute to victims of California mass shootings: ‘As a nation, we have to be there for them’

 President Joe Biden led a moment of silence at the White House on Thursday in honor of the victims of separate shootings that killed 11 people...

FDA pushes to make COVID-19 vaccinations easier. At the top of the list: One annual booster instead of two

The U.S. is poised to make COVID-19 vaccinations more like a yearly flu shot, a major shift in strategy despite a long list of...

Hasbro to cut 1,000 jobs as the pandemic-era toy-buying boom cools now that kids are back in school

Hasbro, one of the world’s largest toymakers, said it would cut 15% of its workforce, or about 1,000 jobs, after a disappointing holiday shopping...

A chemical plant’s polluting poisoned a generation of children in a small town. The settlement that the state just made has residents up in...

In hindsight, it’s clear that something was very wrong in this suburban town at the Jersey Shore, where many people worked at or lived...

Economic Indicators 8 minutes ago (Nov 23, 2022 03:20AM ET)

French economy contracted in November - flash PMI © Reuters. FILE PHOTO: People walk at the financial and business district of La Defense in Courbevoie near Paris, France, January 31, 2022. REUTERS/Sarah Meyssonnier

PARIS (Reuters) – France’s private sector economy contracted in November for the first time since February 2021, according to a monthly survey, as lower new orders weighed on the euro zone’s second-biggest economy.

S&P Global (NYSE:)’s flash purchasing managers index (PMI) for France’s services sector fell to 49.4 points from 51.7 in October. Any reading above 50 points shows growth while figures below 50 show a contraction.

The figure was also below a Reuters poll which had forecast 50.6 points.

The flash November PMI figure for France’s manufacturing sector rose to 49.1 points from 47.2 in October. It beat a Reuters poll forecast for 47.0 points but was nevertheless still below the 50 points mark and therefore remaining a contraction.

The flash November composite PMI figure – which comprises both the manufacturing and services sectors – fell to 48.8 points from 50.2 in October, and was also below a Reuters poll forecast of 49.5 points.

“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,” said Joe Hayes, senior economist at S&P Global Market Intelligence.

“As a consequence, ‘flash’ PMI data pointed to the first reduction in French economic activity since February 2021,” added Hayes.

More articles

Latest article

Joe Biden pays tribute to victims of California mass shootings: ‘As a nation, we have to be there for them’

 President Joe Biden led a moment of silence at the White House on Thursday in honor of the victims of separate shootings that killed 11 people...

FDA pushes to make COVID-19 vaccinations easier. At the top of the list: One annual booster instead of two

The U.S. is poised to make COVID-19 vaccinations more like a yearly flu shot, a major shift in strategy despite a long list of...

Hasbro to cut 1,000 jobs as the pandemic-era toy-buying boom cools now that kids are back in school

Hasbro, one of the world’s largest toymakers, said it would cut 15% of its workforce, or about 1,000 jobs, after a disappointing holiday shopping...

A chemical plant’s polluting poisoned a generation of children in a small town. The settlement that the state just made has residents up in...

In hindsight, it’s clear that something was very wrong in this suburban town at the Jersey Shore, where many people worked at or lived...

Health effects of cannabis products are too uncertain for regulating the fast-growing market like food or supplements, FDA says

The Food and Drug Administration said Thursday there are too many unknowns about CBD products to regulate them as foods or supplements under the...