France PMI Manufacturing rose to 52.1 in June, up from 40.6, well above expectation of 46.0. That’s also the highest level in 21 months. PMI Services rose to 50.3, up from 31.1, beat expectation of 45.2. That’s the highest level in 4 months. PMI Composite rose to 51.3, up from May’s 32.1, also a four-month high.
Eliot Kerr, Economist at IHS Markit said: “The latest PMI data suggests that France is finally entering a period of recovery as we move past the peak of the coronavirus crisis. The further loosening of restrictions has allowed some semblance of normality to resume, with many businesses and workers returning to work, particularly in the manufacturing sector. Barring any large scale second outbreak, demand should also follow activity into expansion territory, as confidence continues to recover. Given ongoing cross-border restrictions in many countries around the world, this will most likely be driven by the domestic market in the short-run, with international demand taking a little longer to recover.”
