French economic growth slightly picked-up but weaker than expected in September

Sep. 23, 2022 4:58 AM ETBy: Meghavi Singh, SA News Editor
  • The S&P Global France Services PMI rose to 53 in September of 2022 from a 16-month low of 51.2 in August, surpassing market estimates of 50.5, a flash estimate showed.
  • Business activity accelerated slightly supported by a renewed rise in new business intakes, despite weaker external demand.
  • At the same time, employment increased at a strong pace and there were signs of further easing of supply-chain constraints.
  • However, the manufacturing sector slumped with the reading itself falling to its lowest in 28 months from 50.6 in August to 47.8 vs 49.8 expected.
  • On the price front, inflationary pressures intensified, mainly reflecting higher energy tariffs and wage bills.

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