Latest data released by Markit - 4 November 2020
- Composite PMI 47.5 vs 47.3 prelim
The preliminary report can be found here. No change to the services sector reading relative to initial estimates, so this just reaffirms a two-paced economy to start Q4. But amid tighter restrictions, we should see business activity as a whole dip further in November.
Markit notes that:
"The latest PMI data revealed disappointing results for the French private sector, with business activity declining at a quicker rate during October. The downturn was again centred on services sub-sector, where firms were most affected by the imposition of curfews across major cities. However, the rise in output at manufacturers also eased to the softest in the current five-month sequence of expansion.
"The results point to a worrying trend for business activity, showing that the recent surge in infections and the introduction of new restrictions have already negatively impacted the economy. Moving through the winter months, the downward trajectory is likely to persist, particularly as declines at service providers begin to spill over onto their manufacturing counterparts."
