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France PMI December 2023

France: Composite PMI falls in December

The HCOB Flash Composite Purchasing Managers’ Index (PMI) came in at 43.7 in December, down from November’s 44.6. December’s result marked the worst performance since November 2020. 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 fell to 42.0 in December from November’s 42.9. Meanwhile, the Services PMI declined to 44.3 in December from November’s 45.4.

December’s downturn was broad-based and stemmed from subdued domestic and external demand conditions. Output contracted at a faster pace in both sectors while new orders continued to plummet across the board. On the employment front, manufacturers reduced their headcounts further, more than offsetting a marginal uptick in employment levels among service providers.

Turning to prices, both input cost and output charge inflation softened in December. Lastly, sentiment among companies worsened, falling to the joint-weakest since October 2020.

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