2023-08-03 08:55:42
By Le Figaro with AFP
Just Posted, Just Updated
This index stood at 46.6 in July, continuing to contract from June, when it reached 47.2. Jerome / stock.adobe.com
The activity of the private sector in France experienced in July its “biggest dropin more than two and a half years, penalized by a further deterioration in demand, according to the composite PMI index published Thursday by S&P Global and the Hamburg Commercial Bank (HCBO).
This index, which compares the volume of activity to that of the previous month, stood at 46.6 in July, continuing its contraction compared to June, when it had reached 47.2. A value below 50 signals a contraction in activity, and a value above an expansion.
It is “the largest decline in overall activity since November 2020“Said S&P in a press release, which is explained according to the agency by”further deterioration in demandespecially in the manufacturing sector. The volume of private sector new business recorded its strongest monthly decline in more than two and a half years, reflecting weaker demand both in French markets and abroad.
After a drop in June, the services sector saw its activity continue to contract in July, falling from 48 to 47.1, a lowest since February 2021 which indicates “further weakening of growth“, according to S&P. Employment growth also slowed, while price inflation decelerated a little less sharply.
1691054901
#France #private #sector #activity #sharp #decline #July
