The French economy started the third quarter of 2023 with the sharpest reduction in business activity since November 2020, latest HCOB PMI® data compiled by S&P Global showed. July’s contraction in output was the second in as many months, signalling a sustained deterioration in economic conditions. Activity levels were constrained by a further weakening of demand, putting more pressure on companies to look to their backlogs of work to sustain output. Indeed, the volume of orders pending completion fell again in July. Private sector employment growth meanwhile dropped to its softest in the year-to-date, although ... (full story)