PMI: Output falls, but price pressures continue

• Manufacturing 7 tenths below consensus (falls slightly), while services 2 tenths below:

Highlights form the press release:

• "On the prices front, cost pressures were little-changed from October, with input costs still rising sharply. Selling price inflation ticked higher, however, with output charges increasing at the fastest rate since May."
• " Rising costs once again stemmed from the service sector, with companies here citing higher salaries and general inflation as reasons for increased expenses. Output charges subsequently rose, as has been the case since March 2021, reflecting more aggressive price setting by services firms as factory gate charges were discounted for a sixth month in a row. Nevertheless, the overall rate of output price inflation accelerated to the quickest since June."
• "November survey data signalled a seventh straight month-on-month decrease in private sector new orders across France. Furthermore, the contraction was the sharpest in three years. Notable weakness in demand was evident across both manufacturing and services."
• "Although employment growth continued at services companies, it was only marginal and the softest seen across the current 35-month expansion sequence. Anecdotal evidence showed that, in many cases, lower staffing capacity reflected the non-renewal of temporary contracts."