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French business climate weakens in May

A measure of optimism among French businesses weakened for the fifth straight month in May but remained above its long-term average, according to the National Institute of Statistics and Economic Studies.

The composite business climate indicator slipped to 106 in May from 108 in April, with wholesale trade, services and retail trade contributing to the decline. The business climate was stable in building construction and manufacturing.

General production expectations at factories weakened, but personal production prospects increased. Manufacturers' opinions on past activity also picked up in May following a sharp drop in April.

Services business managers' view on past activity fell to its lowest level since June 2017, while optimism regarding expected activity declined. The business climate composite indicator also fell to its June 2017 level but still stood above its long-term average.

The business climate in retail deteriorated for the third straight month in May, although managers were optimistic as their ordering intentions strengthened.