France Manufacturing PMI Contracts Further
The S&P Global France Manufacturing PMI fell to a 27-month low of 49 in August of 2022 from 49.5 in the prior month, mostly in line with analysts’ expectations, a flash estimate showed.
Production declined for the third consecutive month and at the quickest rate since the early months of COVID-19 amid a continued decline in new orders.
On the price front, both input and output costs continued to slow in July. Finally, French companies’ overall confidence level declined to its weakest since November 2020.
France Service Sector Growth at 16-Month Low
The S&P Global France Services PMI fell further to 51 in August of 2022 from 53.2 in the prior month, below market estimates of 53, a flash estimate showed.
It was the fourth successive slowdown in the services sector and the weakest growth rate since April of 2021, with demand for services falling for the first time since March 2021.
New orders decreased markedly and employment growth softened. On a more positive note, price pressures weakened.