France's Private Sector Sees Largest Contraction Since October, PMI Survey Reveals

According to Jin10, a PMI survey indicates that France's private sector experienced its most significant contraction since October last year in March. This downturn is attributed to weak demand, supply disruptions related to the conflict with Iran, and public caution ahead of local elections. The preliminary composite PMI for March fell to 48.3, down from 49.9 in February. Joe Hayes, an economist at S&P Global Market Intelligence, noted that while April's data might provide a clearer picture of the economic situation, the recovery in France's economy appears to have stalled for now. The services sector saw further weakening, with the services PMI preliminary reading dropping from 49.6 to 48.3, marking a five-month low. Manufacturing output also declined for the first time this year, with the related sub-index falling from 51.6 to 48.5, a four-month low, although the manufacturing leading index rose slightly from 50.1 to 50.2.