Downturn in French factory activity eases in Jan: PMI
[PARIS] France's manufacturing downturn eased in January as new orders fell more slowly, a survey showed on Monday, but continued job cuts and price cutting pointed to persistent weakness in Europe's second-largest economy.
Data compiler Markit's final purchasing managers' index, which includes the services and manufacturing sectors, rose to 49.2 in January from 47.5 in December.
It was the highest reading in eight months, but still slightly lower than a preliminary reading of 49.5 and below the 50-point line dividing expansions in activity from contractions.
"The start of the new year brought some relief for French manufacturers, with output moving closer to stabilisation after a prolonged period of decline," said Markit Senior Economist Jack Kennedy.
But price cutting due to tough competition for business underscored "significant challenges amid a persistently fragile demand environment," he said.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US veto sinks Palestinian UN membership bid in Security Council
Pro-China local leader ousted in Solomon Islands election
Japan‘s March inflation slows to 2.6%, eyes on BOJ move
S&P downgrades Israel rating on heightened geopolitical risk
‘We have our jury’: panel selected for Trump criminal trial
UK wage growth and services inflation too high for rate cut, BOE’s Greene says