French architecture in France

France PMI May 2024

France: Services PMI falls in May

The HCOB France Services Purchasing Managers’ Index (PMI) fell to 49.3 in May from 51.3 in April. As a result, the index moved below the 50.0 no-change threshold, and signaled a deterioration in services-sector business activity compared to the previous month.

Around 19% of surveyed businesses reported lower volumes, often attributing this to subdued client interest and fewer sales to the construction sector. Despite this, there was a notable acceleration in demand growth, the strongest in over a year, driven largely by the domestic market. In contrast, in May there was the fastest fall in overseas sales since December 2020, particularly affecting demand from Asia, the UK, and the U.S.

Price pressures in the French service sector showed signs of easing, with the rates of increase in input costs and output charges at their weakest since July and May 2021, respectively. Business sentiment remained positive, albeit slightly less optimistic than in previous months, with expectations of stronger customer demand and improving economic conditions.

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