France PMI

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France: Composite PMI falls to three-month low in November

November 23, 2015

The composite Purchasing Managers’ Index (PMI), elaborated by Markit, moderated in November. The indicator fell from a revised 52.6 (previously reported: 52.3) to 51.3 in November. The print represented a three-month low. Nevertheless, it marked the 10th consecutive month in which the indicator hovered above the 50-threshold that separates expansion from contraction in business activity.

November’s result reflected deterioration in both the manufacturing and service sectors. According to the survey, growth marked a three-month low in both sectors. However, new business in November improved for the third consecutive month, accelerating at the fastest rate since June.

Markit commented, “French private sector output growth weakened slightly in November, with the Paris attacks reported to have hit activity among some service providers. [...] While the longer-term economic impact following the attacks remains uncertain, PMI data suggest that GDP is on course to post another modest expansion in Q4 following the 0.3% growth reported in the third quarter.”

FocusEconomics Consensus Forecast panelists see fixed investment contracting 0.4% in 2015, which is down 0.1 percentage points from the previous month’s estimate. For 2016, the panel expects fixed investment to rebound and expand 2.2%, which is unchanged from last month’s forecast.


Author:, Economist

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France PMI November 2015

Note: Markit Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: Markit.


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