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French Private Sector Contraction Steeper Than Estimated

The French private sector contracted more than initially estimated in March, detailed results of a survey by Markit Economics showed Wednesday.

The composite output index, that measures activity in both manufacturing and services, fell to a five-month low of 48.7 in March from 50.2 in February. The preliminary report showed a reading of 49 for March.

A PMI reading above 50 indicates expansion of the sector, while a reading below 50 suggests contraction.

The services activity index posted 50.1, up marginally from the February reading of 50. Nonetheless, activity in the service sector was largely stagnant.

The flash report also showed a reading of 50 for last month. New work intakes in services firms was flat during the month.

by RTTNews Staff Writer

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