Economic Indicators

French service sector contracts for eighth straight month-PMI

2024.02.05 04:13


© Reuters. People stroll previous a restaurant on the Butte Montmartre in Paris, France, July 10, 2023. REUTERS/Sarah Meyssonnier

PARIS (Reuters) – France’s service sector continued to contract in January, dragged down by weak demand and marking the longest downturn in over a decade, a survey amongst enterprise executives confirmed on Monday.

The HCOB France ultimate buying managers index (PMI) for the providers sector, compiled by S&P Global, stood at 45.4, down from 45.7 in December – properly under the 50 degree that marks progress. An earlier flash estimate got here in at 45.0 factors.

Weak demand situations and shopper hesitancy weighed on exercise and new enterprise inflows, based on the ballot, resulting in an additional depletion of backlogs of labor.

“New business overall and from abroad are still on the decline and employment is hovering close to the stagnation threshold,” mentioned Norman Liebke, Economist at Hamburg Commercial Bank.

However, optimism for future enterprise picked up once more in January, as S&P’s Future Activity sub-index got here in at its highest studying since August.

“According to anecdotal evidence, optimism stems from hopes of interest rate cuts this year,” mentioned Liebke.

A composite ultimate PMI, combining knowledge from the providers and manufacturing sectors, dipped to 44.6 factors from 44.8 final month.

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