EconomyStockWeaker services weighs on French business activity in September: PMI

2 years ago304 min
https://topinvestingtoday.com/wp-content/uploads/2020/10/LYNXMPEG940KA_L-WwHL6t.jpeg
imageEconomic Indicators1 hour ago (Oct 05, 2020 04:00AM ET)

(C) Reuters. FILE PHOTO: A man rides his bicycle past a boarded up business in the French Quarter amid the outbreak of the coronavirus disease (COVID-19), in New Orleans

PARIS (Reuters) – French business activity fell in September for the first time since June as the service sector kept losing momentum in the face of concerns about rising COVID-19 infection rates, a survey showed on Monday.

Data compiler IHS Markit said its purchasing managers index, covering the services and manufacturing sectors, fell to 48.5 from 51.6 in August, unchanged from a preliminary reading.

The index dropped below the 50-point threshold dividing an expansion in activity from a contraction for the first time since June, after France emerged from a nearly two-month coronavirus lockdown the previous month.

IHS Markit’s PMI index for the services sector also fell into contraction territory at 47.5.

Already published data for the manufacturing sector, much less client-facing than services, showed that activity picked up slightly there.

“Rising COVID-19 infection rates contributed to a downturn in private sector business activity at the end of third quarter,” IHS Markit economist Eliot Kerr said.

“Panellists commented that their clients were hesitant to commit to future work while the prospect of tightening restrictions loomed large,” he added.

Weaker services weighs on French business activity in September: PMI

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *