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French services growth in December slightly below initial reading -PMI -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This view is of chairs being stacked in Paris’s closed restaurants. The French government closed these bars and restaurants in order to stop the spread of the coronavirus. It was done as COVID-19, which restrains the movement. REUTERS/

PARIS (Reuters – The French service sector saw a slight decline in growth last December, as the COVID-19 epidemic impacted business activity.

IHS Markit data compiler said that the Purchasing Managers’ Index (PMI), which tracks services, fell to 57.0 points from 57.4 point in November. It was slightly below a preliminary reading at 57.1 points.

However, the index did not fall below the 50 point threshold that distinguishes expansion and contraction.

The composite PMI Index, which incorporates the manufacturing and services sectors, fell slightly to 55.7 points in December. This is slightly lower than its original estimate of 55.6.

“Business activity rose at the second-fastest rate since June. This was just marginally slower than November’s growth. Joe Hayes from IHS Markit, senior economist, said that evidence indicates that services demand remains strong. Backlogs are still building and the hiring process will go on.

“Thus, the new order growth declined amid a significant decline in demand from foreign clients. This is reflected in the effect that increasing COVID-19 infection rates had on tourism.

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