French business activity slumped much more than expected in February, according to a survey published on Friday, as new business and backlogs in the dominant services sector sharply declined. The HCOB France flash purchasing managers index (PMI) for services, compiled by S&P Global, came in at 44.5 points in February. That figure represents a 17-month low for the euro zone's second-biggest economy and the index has now stayed below the 50 points threshold separating growth from contraction the sixth month running.