Modest Growth in French Services Sector in November

Business activity reported by French service providers increased for the fifth time in as many months during November, albeit at a modest pace. New business also rose which contributed to a further accumulation of unfinished work despite a rise in staffing numbers.

Concurrently, input price inflation accelerated from the previous survey period, as did the rate of decline in average charges. Meanwhile, firms retained a positive outlook towards activity growth over the next year. The seasonally adjusted headline Markit France Business Activity Index – which is based on a single question asking respondents to report on the actual change in business activity at their companies compared with one month ago – posted 51.6 in November.

Up from 51.4 in October, the latest index reading pointed to a modest rate of expansion that was little-changed from the previous month. The final seasonally adjusted Markit France Composite Output Index – which covers the combined manufacturing and service sectors – fell to 51.4 in November from 51.6 in October, and signalled the weakest rate of growth in four months.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.