France: Composite PMI down in June
June 2, 2014
The composite Markit Purchasing Managers Index (PMI) edged down from 49.3 in May to 48.0 in June, which marked the lowest level in four months. Following June’s deterioration, the PMI index now rests further below the 50 threshold that separates expansion from contraction in business conditions.
According to Markit, June’s deterioration continues to reflect, “a picture of subdued economic performance.” The decline in output was broad-based, as both manufacturing and services performed worse in June. In particular, a deterioration in new orders dragged down the index as along with worsening expectations for the labor market where the unemployment rate remains unusually high.