Economic Indicators

French services sector contraction continues in December, PMI shows

2024.12.16 03:54

PARIS (Reuters) – France’s services sector shrank further in December, although the pace of contraction eased, according to a closely-watched business survey by S&P Global published on Monday.

The HCOB Services PMI Business Activity Index rose to 48.2 from 46.9 in November, surpassing analysts’ expectations for a reading of 46.7, though still below the 50.0 threshold that indicates growth.

The broader French private sector also experienced a slight improvement, with the Composite PMI Output Index climbing to 46.7 from 45.9, beating the forecast of 45.9, despite manufacturing activity falling to a 55-month low of 39.6 from 41.1.

“The service sector remains in limbo. Apart from a brief period around the Summer Olympics in Paris, service providers have struggled to generate growth momentum,” said Tariq Kamal Chaudhry, Economist at Hamburg Commercial Bank.

© Reuters. FILE PHOTO: People sit on the terrace of a restaurant in front of the harbour of Erquy, Brittany, France, September 19, 2024. REUTERS/Stephane Mahe/File Photo

Political instability and weak demand conditions were highlighted by survey respondents as key challenges, contributing to a sharp reduction in employment.

Despite a modest improvement in business confidence, the outlook remains subdued amid ongoing political uncertainty, the survey showed.



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