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France’s private sector grew at the slowest pace in six months in October, flash survey results from IHS Markit showed on Friday.

The composite output index fell to 54.7 in October, as economists’ expected, from 55.3 in September.

A reading above 50.0 indicates expansion in the sector. The growth was solely driven by the service sector as manufacturing output declined at the sharpest rate since May 2020.

“The overall rate of expansion slowed to a six-month low as the supply-side issues hurting manufacturers the most offset a faster expansion in services activity,” Joe Hayes, a senior economist at IHS Markit said.

Of the medley of letters that an economic recovery can look like, France’s growth profile is currently akin to a “K”, said Hayes.

The services Purchasing Managers’ Index came in at 56.6, up from 56.2 in September. The score was forecast to fall to 55.5.

At the same time, the manufacturing PMI declined more-than-expected to 53.5 from 55.0 in the previous month. The expected reading was 54.0.


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