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France PMI May 2023

France: Composite PMI declines in May

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) came in at 51.4 in May, down from April’s 52.4. April’s result marked the lowest reading in four months. Nevertheless, the index remained above the 50.0 no-change threshold, signaling a softer improvement in private sector operating conditions compared to the previous month.

May’s slower expansion was driven by weaker momentum in the services sector, which recorded softer growth in output, as well as a fall in new orders. Manufacturing production remained under the 50.0 threshold but improved slightly from last month. The decline in manufacturing production was driven by falling foreign demand and reduced purchasing activity. Turning to prices, overall input cost inflation hit a 23-month low amid easing energy and raw materials costs for manufacturing firms; however, higher wages pushed inflation upwards for service firms. As a result, output inflation accelerated for the first time since January. Finally, job creation continued, but business confidence ticked down slightly.

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