PARIS (Reuters) – The outlook for purchasing managers appeared bleak as France’s dominant services sector lost more steam in August, a survey showed on Monday.
S&P Global (NYSE: SPGI) said its final August services monthly PMI fell to .2 points, up from 53.2 points in July and slightly higher than the initial estimate at the end of August 51. 0 marks. A reading above 50.0 indicates increased activity.
“French service sector activity appears to be gradually moving towards stagnant territory and onwards – it looks like indicators are pointing to worse,” S&P economist Andrew Harker said in a statement.
The composite PMI index, which includes services and manufacturing, was on the verge of stagnation last month at 50.4 points, down from July 50.7
New orders in the service industry are lower than 50 )-since the beginning of the year 2021, business expectations fell to their lowest point in 50 months.
S&P said the decline was mainly due to weak demand amid an increasingly challenging business environment.
“The latest data from the services sector suggests that the overall economy stagnated in the third quarter, and as the final months of the year loom, fundamentals have stagnated, Harker said. Weak.
French Economy Minister Bruno Le Maire said last week that the government’s full-year economic growth forecast of 2.5% is “still within reach”.