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Eurozone PMI: Contraction in French services raises fears of third recession
France continues to earn its title of the “sick man of Europe” with its service sector showing signs of contracting.
The services purchasing managers’ index (PMI) – a survey of firms in the service sector – registered 48.3 for France in October, according to figures released yesterday by Markit. A score below 50 signals contraction.
Services make up the majority of output in the Eurozone, as opposed to construction and manufacturing. The Eurozone as a whole scored 52.3.
“The Eurozone PMI makes for grim reading, painting a picture of an economy that is limping along and more likely to take a turn for the worse than spring back into life,” said Chris Williamson, chief economist at Markit.