France’s services PMI likely to contract sharply in December

According to S&P Global (S&P), economic activity in France contracted faster in December than in the previous month. This points to a future recession in France, the second-largest economy in the eurozone, as inflation hurts businesses.

S&P Global reported that the preliminary composite Purchasing Managers’ Index (PMI) for France fell to 48.0 in December from the final reading of 48.7 in November. A PMI index below 50 indicates that French economic activity is contracting.

The preliminary manufacturing PMI in France rose to 48.9 in December from the final November reading of 48.3.

The preliminary services PMI fell to 48.1 from November’s final reading of 49.3.

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