April's flash composite PMI figure was 53.8 points. The HCOB France PMI survey stated there had been a "mild deterioration in service sector business confidence during April", and that input and output price PMIs remained at historically high levels. "This is unpleasant news as inflation in France is increasingly driven by core inflation, which is dominated by services. While this has fallen recently, the PMIs suggest that core inflation could remain stubborn for the time being," said Hamburg Commercial Bank AG economist Norman Liebke. (Reporting by Sudip Kar-Gupta; editing by John Stonestreet)
By Sudip Kar-Gupta
PARIS, May 4 (Reuters) - France's dominant services
sector grew less than initially estimated in April, a monthly
survey showed on Thursday, as business confidence dipped
slightly while inflation remained a concern.
The HCOB France final purchasing managers index (PMI) for
April for the services sector, compiled by S&P Global, rose to
54.6 points, well below a flash reading of 56.3 points though up
from 53.9 in March.
Any figure above 50 points indicates an expansion in
activity.
The April final composite PMI, which includes services and
manufacturing, fell to 52.4 points from 52.7 in March,
reflecting ongoing weakness in manufacturing.
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