As the euro zone recovery continues its slow progression, France could be bucking the trend – just not in the right direction. France’s flash composite PMI (Purchasing Managers Index) – an indicator of the level of business activity – released on Thursday by Markit revealed that output contracted in November to a five-month low of 48.5, down from October’s 50.5.
“It is a concern that it’s slipping in the wrong direction,” Chris Williamson, global chief economist at economic data provider Markit, told CNBC. “There’s a risk of recession here.”
The PMI numbers highlighted that export sales in November decreased for the first time since August and private sector firms registered a second consecutive monthly decrease in new business.
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