France continues to earn its title of the “sick man of Europe” with its service sector showing signs of contracting.
The services purchasing managers’ index (PMI) – a survey of firms in the service sector – registered 48.3 for France in October, according to figures released yesterday by Markit. A score below 50 signals contraction.
Services make up the majority of output in the Eurozone, as opposed to construction and manufacturing. The Eurozone as a whole scored 52.3.
“The Eurozone PMI makes for grim reading, painting a picture of an economy that is limping along and more likely to take a turn for the worse than spring back into life,” said Chris Williamson, chief economist at Markit.