France: Composite PMI stable in November
The HCOB Composite Purchasing Managers’ Index (PMI) came in at 44.6 in November, matching October’s print. As a result, 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 ticked up to 42.9 in November from October’s 42.8. Meanwhile, the Services PMI rose to 45.4 in November from October’s 45.2.
November saw another sharp decline in output in both the manufacturing and the services sector, as subdued demand spurred the seventh consecutive fall in new orders. In addition, rising spare capacity prompted the first decline in employment levels in three years. That said, the fall was solely driven by the manufacturing sector.
On the price front, input cost inflation softened, but remained historically elevated, while output charge inflation accelerated. Lastly, sentiment diverged across sectors: Manufacturers remained deeply pessimistic while service providers were moderately optimistic.