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France PMI January 2024

France: Composite PMI decreases in January

The HCOB Flash Composite Purchasing Managers’ Index (PMI) came in at 44.2 in January, down from December’s 44.8. Consequently, the index remained entrenched below the 50.0 no-change threshold, signaling a sustained deterioration in private sector operating conditions from the previous month.

The Manufacturing PMI rose to 43.2 in January from December’s 42.1. Meanwhile, the Services PMI fell to 45.0 in January from 45.7 in December.

Depressed client demand continued to hamper private sector activity in January. New orders fell for the ninth consecutive month and output shrank markedly, with factory production falling at the sharpest rate in over three and a half years. Additionally, employment levels declined further due to lower headcounts among manufacturing firms. More positively, delivery times in the manufacturing sector shortened to a one-year low.

Turning to prices, both input cost and output charge inflation accelerated in January, chiefly due to a stronger rise in operating expenses of services companies. Lastly, business sentiment fell amid expectations of sustained demand weakness.

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