| Consensus | Consensus Range | Actual | Previous | |
| Composite Index | 51.2 | 51.2 to 51.2 | 51.1 | 48.5 |
| Services Index | 51.4 | 51.4 to 51.4 | 51.2 | 48.0 |
Highlights
France's private sector returned to growth in September, though the final reading came in slightly below the preliminary estimate.
The Composite PMI Output Index rose to 51.1 in September from 48.5 in August, a 25-month high. The figure was below the flash estimate of 51.2 and the Econoday consensus, also 51.2. The index moved above the 50.0 no-change level, signaling renewed growth in private sector business activity.
The Services PMI Business Activity Index rose to 51.2 from 48.0 in August, below the flash estimate and consensus of 51.4. It was the first reading in expansion territory since last December. The rate of growth was modest and well below the survey average.
New business in services fell marginally, with the index moving closer to the neutral level. New export orders decreased for a 14th consecutive month, although the pace of decline was the weakest since November last year.
Services companies cut employment for a fifth straight month. The rate of decline was marginal and the slowest since June. Backlogs of work ticked up on the month.
Input cost inflation strengthened, with firms citing higher prices paid for fuel, computer hardware and raw materials, though the rate was below May's recent high. Prices charged rose at the fastest pace in more than three years.
Business expectations in services remained positive but weakened from August, with firms the least upbeat about the year-ahead outlook since May. Respondents cited the forthcoming election period, higher interest rates and low client confidence.
At the composite level, higher output was recorded without growth in sales or employment, as new business and workforce numbers both decreased marginally in September. Expectations softened, reflecting weaker sentiment in the service sector, while the survey signaled a steep acceleration of inflation.
Market Consensus Before Announcement
Forecasters see no revision in the final from the flash with the composite unchanged at 51.2. That is up significantly from 48.5 in the August final.