logo
  

French Private Sector Contracts In November

France's private sector activity deteriorated in November for the first time since early 2021, flash survey results from S&P Global showed on Wednesday.

The flash composite output index dropped to a 21-month low of 48.8 in November from 50.2 in October. The reading was forecast to drop to 49.5.

Any reading below 50 indicates contraction, while a score above 50 suggests expansion in the sector.

Manufacturing production volumes continued to contract in November, marking the sixth consecutive month of decline, although a fall in service sector activity drove the overall decrease.

According to survey data, new business intakes dropped again in November, dampening economic activity levels.

The services Purchasing Managers' Index dropped to a 20-month low of 49.4 from 51.7 in October. The score was forecast to ease marginally to 50.6.

At the same time, the manufacturing PMI rose to a 3-month high of 49.1 in November from 47.2 a month ago. The expected score was 47.0.

"Business confidence slumped to a two-year low, while a renewed drop in backlogs of work and slowing employment growth highlight growing fragility of the French economy," Joe Hayes, a senior economist at S&P Global Market Intelligence s?aid.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Consumer Product Safety Commission or CPSC announced recall of thousands of children's Robes made in China and sold exclusively on Amazon.com by various companies. The recalled robes fail to meet the federal flammability standards for children's sleepwear, posing a risk of burn injuries to children. Further, citing the same concerns, Paper Cape children's pajamas manufactured in Peru ... Health services company Cigna Corp. reported Friday higher profit in its fourth quarter reflecting growth in both Evernorth and Cigna Healthcare segments. Adjusted earnings and topline beat market estimates. Looking ahead for fiscal 2023, the company projects adjusted earnings and adjusted revenues to be higher than last year, but below market view. French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity...
Follow RTT