The French comprehensive PMI returned to expansion territory in November, with the services sector and manufacturing sector experiencing contrasting fortunes.

Jonas Feldhusen, economist at Hamburg Commercial Bank, stated that for the first time in over a year, output in the private sector in France has shown growth. In November, driven by a significant rebound in service sector activity, the composite PMI rose above the expansion threshold. However, the manufacturing sector continues to drag down overall performance, with output experiencing the sharpest decline in nine months, further widening the gap between the two sectors. The improvement in the service sector is encouraging, but whether this is a temporary rebound or the beginning of a sustained recovery remains to be seen. The next few months will provide the answer. At least, the trend of new orders is moving in the right direction - domestic demand is improving while overseas orders are stabilizing.