France PMI

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France: Composite PMI ticks down in September, points to worsening conditions

September 23, 2014

The composite Markit Purchasing Managers’ Index (PMI) fell from 49.5 in August to 49.1 in September. The reading marked the lowest level in three months. As a result, the composite PMI remains below the 50-threshold that separates expansion from contraction in business conditions.

September’s print represented the fifth consecutive month in which the index stayed in contractionary territory and mostly reflected a deterioration in the services sector. Conversely, the manufacturing sector declined at a slower pace in September. According to Markit, “anaemic demand continues to hold back the private sector, with further price cutting insufficient to prevent new orders from falling. Firms responded to the continued weakness by lowering employment at the sharpest rate since February.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 0.3% in 2014, which is down 0.2 percentage points from the previous month’s estimate. For 2015, the panel expects fixed investment to increase 1.8%.


Author: Ricard Torné, Head of Economic Research

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France PMI September 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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