France PMI manufacturing dropped to 52.5 in September, down from 55.3, missed expectation of 53.3. {MI services dropped to 54.3, down from 55.4, missed expectation of 55.4. PMI composite dropped to 53.6, down from 54.9 and hit a 21-month low.
Commenting on the Flash PMI data, Sam Teague, Economist at IHS Markit said:
“Output growth across the French private sector slipped to its lowest since December 2016 during the latest survey period, with data indicating a broad-based slowdown across both the manufacturing and service sectors. Manufacturing businesses frequently reported a deterioration in the automotive sector. Moreover, the survey data saw a general slowdown in new business across the whole private sector, with growth reaching a near two-year low in September.
“Input price pressures sharpened at a faster pace in the latest survey, reflecting higher wage and fuel bills. Nonetheless, despite higher cost burdens, optimism among French businesses improved during September, evidenced by a further marked improvement in job creation.”
