France PMI April 2016


France: Composite PMI expands in April

April 22, 2016

The composite Purchasing Managers’ Index (PMI), elaborated by Markit, rose in April. The indicator jumped from a revised 50.0 (previously reported: 51.1) in March to 50.5 in April, thus marking a five-month high and the first output increase since January. As a result, the indicator is now above the 50-threshold that separates expansion from contraction after falling into contractionary territory in February for the first time in over a year.

April’s result reflected higher output in the service sector, which more than compensated for lower manufacturing output. New business grew in April and expanded at the fastest pace since November. Employment increased in the surveyed month as well as did outstanding business. Regarding price developments, input prices rose at the fastest rate in nine months while output prices fell.

Markit noted that, “expansion was centered on the dominant service sector, as manufacturing was weighed down by a sharp drop in incoming new orders. While service providers reported a pick-up in new business growth, their future expectations slipped back. The PMI data continue to paint a picture of a private sector economy stuck in a weak growth trajectory accompanied by little meaningful job creation.”

FocusEconomics Consensus Forecast panelists see fixed investment growing 1.7% in 2016, which is down 0.2 percentage points over the previous month’s estimate. For 2017, the panel sees investment expanding 2.1%.

Author: Jean-Philippe Pourcelot, Economist

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