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France PMI July 2023

France: Composite PMI records worst reading since November 2020 in July

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) fell to 46.6 in July from June’s 47.2. July’s result marked the weakest reading since November 2020. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in private sector operating conditions compared to the previous month.

The decline in the composite index was broad-based: The manufacturing PMI fell to 44.5 in July from June’s 46.0, while the services PMI fell to 47.4 from 48.0 in June.

July’s reading was driven by stronger contractions new orders and output. Weaker demand was the main culprit behind the downturn in both sectors. On the price front, both input cost inflation and output charges eased. That said, there were notable disparities: Inflation remained historically elevated ion the services sector, while prices declined in the manufacturing sector. On the flip side, firms continued to expand their workforce, which caused and uptick in sentiment among companies, especially ion the service sector.

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