PARIS, May 23 (Reuters) – French business activity expanded at is slowest pace in four months in May, a survey showed on Tuesday, as manufacturing continued to contract and growth in the dominant services sector decelerated.
The HCOB Purchasing Managers Index (PMI) flash reading for France’s services sector in May, compiled by S&P Global, stood at 52.8 points, down from 54.6 in April and lagging forecasts for a reading of 54.0 points.
Any figure above 50 points marks an expansion in activity, while a reading below 50 signals a contraction.
The HCOB flash PMI for manufacturing showed a decline in activity but fared slightly better than expected, rising to 46.1 in May from 45.6 in April and outperforming forecasts for a reading of 46.0 points.
The flash reading for the May composite PMI – which comprises both the services and manufacturing sectors – fell to 51.4 points, its lowest level since a January…