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France PMI April 2023

France: Composite PMI rises to an eleven month high in April

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) came in at 53.8 in April, up from March’s 52.7. April’s result marked the strongest reading since May 2022 and the third successive expansion in output. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

April’s expansion was driven by stronger activity in the services sector, which recorded sharp growth in output as well as in new orders. On the other hand, manufacturing production fell at the steepest rate in nearly three years amid subdued demand and strikes in the country. Meanwhile, overall employment increased for the 28th month running. Turning to prices, overall input cost inflation was at a 20-month low amid easing energy and raw materials costs, which led to a 16-month low in output inflation. Finally, overall business confidence ticked up slightly.

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