French architecture in France

France PMI April 2024

France: Services PMI rebounds in April

The HCOB France Services Purchasing Managers’ Index (PMI) rose to 51.3 in April from 48.3 in March. As a result, the index moved above the 50.0 no-change threshold, and signaled an improvement in services sector business activity compared to the previous month. The reading marked the first month of growth in business activity since May 2023.

The rebound was driven by an improvement in domestic demand conditions. A recovery in sales, led by new and existing clients, and improved financial conditions contributed to growth in new business for the first time in a year, albeit at a mild pace due to tight client budgets. The stronger domestic demand and the resultant pressures on operating capacities of French service providers led to an increase in employment levels, which accelerated to a nine-month high to accommodate greater business requirements.

Regarding prices and business sentiment, there was a further cooling in the rate of input cost inflation, which dropped to its weakest since August 2021. Despite this, service providers in France raised their output charges at the fastest pace in three months. Lastly, business confidence remained strong, with expectations of lower interest rates and optimistic demand forecasts contributing to a positive outlook for the next 12 months, despite a slight slip in confidence from the previous month.

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