France PMI


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.

FocusEconomics Consensus Forecast panelists see fixed investment rising 0.4% in 2014, which is down 0.3 percentage points from the previous month’s estimate. For 2015, the panel expects fixed investment to increase 2.3%.


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France PMI Chart

France PMI June 2014

Note: Markit Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: Markit.

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