French economy contracts for the first time since February 2021

France’s private sector economy contracted in November, according to the latest ‘flash’ PMI survey by S&P Global, marking the first month of decline since February 2021. Manufacturing production volumes continued to fall during November, a sixth successive month in which this has been the case, although a renewed drop in service sector activity was the principal factor behind the overall contraction. Economic activity levels were quelled by falling new business intakes during November, with survey data signalling weakening demand conditions yet again. Backlogs of work subsequently fell although.

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