France’s services sector contracted in June by more than initially forecast, with a Purchasing Managers’ Index (PMI) of 46.8 points, according to a survey by S&P Global. The index rose from 44.3 in May, but remained below the 50-point threshold that indicates expansion.
The S&P Global France Composite PMI Output Index, which includes both the services and manufacturing sectors, also rose to 47.2 from 44.9 in May, but remained below the 50-point threshold. Joe Hayes, senior principal economist at S&P Global Market Intelligence, noted that the June PMI survey for France could have been much worse, but the French economy is still facing sluggish demand, weak business confidence, and strong inflationary pressures.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
