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France: Composite PMI improves slightly in November, but remains in contraction territory

November 20, 2014

The composite Markit Purchasing Managers’ Index (PMI) rose from a revised 48.2 in October (previously reported: 48.0) to 48.4 November. Despite the improvement, the composite PMI still sits below the 50-threshold that separates contraction from expansion in business conditions. According to Markit, the reading was indicative that economic activity is still contracting, although at a more moderate pace.

November’s result stemmed from an improvement in the services sector, while the manufacturing sector deteriorated over the previous month. According to Markit, service firms’ business expectations improved over the previous month, while manufacturers reported lower output in new business and lower new export orders.

Markit concluded that, “November’s Flash PMI data point to another weak performance by France’s private sector economy, with output showing a further modest fall.”

FocusEconomics Consensus Forecast panelists see fixed investment contracting 2.1% in 2014, which is unchanged from the previous month’s estimate. For 2015, the panel expects flat growth in fixed investment, which is down 0.2 percentage points from last month’s Consensus.


Author:, Senior Economist

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France PMI November 2014

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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