France August final services PMI 51.2 vs 51.0 prelim

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France August final services PMI 51.2 vs 51.0 prelim

<ul><li>Composite PMI 50.4 vs 49.8 prelim</li></ul><p style="" class="text-align-justify">A slight upwards revision but it is one that sees French business activity avoid a contraction in August, though growth conditions have basically grounded to a standstill. Business confidence is at a 21-month low with slower rises in activity and employment also observed in August. S&P Global notes that:</p><p style="" class="text-align-justify">"French service sector activity appears to be moving gradually towards stagnation territory, and forwardlooking indicators suggest worse is to come. New orders dropped into contraction for the first time since early2021 and business expectations slumped to the lowest since late-2020 amid increasing worries about the demand outlook. </p><p style="" class="text-align-justify">"While employment continued to rise, this at least in part reflected the result of efforts to rebuild workforces following the pandemic. Job creation is unlikely to be sustained should current trends continue and the sector fall into contraction. </p><p style="" class="text-align-justify">"Taken alongside further weakness in the PMI data for manufacturing, the latest figures for services suggest that the overall economy is stagnating during the third quarter and on a weak footing as the final months of the year approach."</p><p>/<a href="https://www.forexlive.com/terms/e/eur/" target="_blank" id="b0427fd7-674c-4ad1-b689-22d1f8b087b0_1" class="terms__main-term">EUR</a></p>

This article was written by Justin Low at www.forexlive.com.

Source: France August final services PMI 51.2 vs 51.0 prelim

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