French manufacturing PMI falls for 12th month in April, declines at faster pace
PARIS (Reuters) - French manufacturing activity shrank for a 12th straight month in April, and the pace of contraction increased from the previous month, according to survey released on Monday.
Market Purchasing Manager's Index showed overall activity fell to 48.0 in April, less than the 48.4 forecast by a Reuters poll and down from 48.8 in March. Anything less than 50 signals a decline.
"The French manufacturing sector remains locked in reverse gear," said Jack Kennedy, a senior economist at Markit.
"Production levels were cut at an accelerated rate amid a steeper decline in new orders. This was despite a further fall in prices charged and the recent weakening of the euro, underlining the competitive challenge facing firms."
The survey's index of new orders dropped to 46.0 from 47.8. New export orders fell to 47.6 from 48.5.
France's dominant services sector has been picking up much of the slack in the economy caused by manufacturing weakness.
Previously published data showed that a PMI reading for the private-sector economy overall remained above 50 at 51.5, thanks to stronger services.
- Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence.
(Reporting By Brian Love; editing by Larry King)
