France PMI Still Signalling Shrinkage

French President Francois HollandeREUTERS/Philippe WojazerFrench President Francois Hollande

France’s PMI for November just came in at 48.4: slightly higher than last month’s 48.2.

It’s an improvement, but any figure below 50 suggests that the economy is contracting.

Analysts were expecting a small increase for both services and manufacturing, up to 48.5 and 48.8 respectively.

Broken down, the manufacturing PMI came in at 47.6, and the services PMI at 48.8. Both suggesting contraction, but with manufacturing a little more squeezed than expected.

It’s a two-month high from the index overall, but with firms still saying they’re shedding jobs, there’s very little good news to be found.

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