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France PMI March 2022

France: Composite PMI rises to highest reading in eight months in March

The S&P Global Flash Purchasing Managers’ Index (PMI) rose to 56.2 in March from 55.5 in January, marking the highest reading in eight months. Thus, the index remained well above the 50-threshold, signaling a strong improvement in business conditions from the previous month.

March’s figure mainly reflected robust activity in the services sector, which rose at a four-month high. Conversely, output in the manufacturing sector dragged on the overall reading, as firms reported further supply chain problems and interruptions stemming from the war in Ukraine. These aforementioned delays led to higher costs for transport and energy, which, in turn, resulted in another spike in input cost inflation prompting firms to increase their selling prices. Lastly, optimism regarding the coming year slipped to its lowest level in over a year as concerns over the military conflict in Eastern Europe weighed on businesses.

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