PARIS (Reuters) - French factory activity shrank at a much slower pace than initially reported in October, data compiler Markit said on Monday, although the contraction was still slightly faster than in September.
In its monthly snapshot of activity in the long-struggling sector, Markit said its final purchasing managers' index fell to 48.5 from September's 48.8, slipping further below the 50 point line denoting growth in activity.
The final reading was up more than a point from the flash reading of 47.3, with the revision - the second-largest in eight years - partly due to a change of estimates in new orders.
New orders and export orders dropped further in October, while manufacturers continued to slash their margins, making the steepest price cuts in five years in the face of weak demand. They also cut staffing levels further.
France's national statistics body INSEE had, on the day of the publication of Markit's flash estimate, issued a survey with more encouraging data, which showed French industrial morale had risen slightly in October from the previous month.
(Reporting by Ingrid Melander; Editing by Hugh Lawson)