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Monday, June 21, 2021

France May final services PMI 56.6 vs 56.6 prelim

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Latest data released by Markit – 3 June 2021

  • Composite PMI 57.0 vs 57.0 prelim
The preliminary report can be found here. No change to initial estimates as this reaffirms a sharp rise in business activity as virus restrictions ease in France. Markit notes that:

“Latest PMI data indicated a strong improvement
in business activity across the French service sector
after virus-related restrictions eased in May, allowing
schools and many businesses to reopen after a period
of closure. Stronger demand, particularly from the
domestic market, underpinned the uplift.

“That said, output was somewhat hindered by
capacity constraints after a softer increase in
headcounts contributed to a marked rise in backlogs.
Meanwhile, sector data continued to reveal a
struggling hospitality sector with many businesses
having to operate with restrictions on capacity.

“Nevertheless, the upturn across France’s private
sector, and a rising vaccination rate will place the
country in good stead for strong growth as we head
into the summer.”

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