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France’s economy contracted for the fourth consecutive month in September, as the PMI fell to 43.5, worse than market forecasts of 46. This is the steepest pace of contraction since November 2020.
The PMI is a composite index that measures activity in the manufacturing and services sectors. A reading below 50 indicates contraction.
The decline in the PMI was driven by both the manufacturing and services sectors. Manufacturing PMI fell to a 40-month low of 41.8, while services PMI fell to a 34-month low of 43.9.
The contraction in the French economy is a sign that the eurozone is heading for a recession. The eurozone is already facing a number of challenges, including high inflation, rising interest rates, and the war in Ukraine.
The French government is taking steps to try to boost the economy, including cutting taxes and increasing spending. However, it is unclear whether these measures will be enough to prevent a recession.
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