France PMI manufacturing rose to 55.1 in May, up from 53.8 and beat expectation of 53.7, hitting 3 month high.
But PMI services dropped to 54.3, down from 57.4 and missed expectation of 57.2, hitting 16- month low.
PMI composite dropped to 54.5, down from 56.9, hitting a 16 month low.
Markit noted that the data in May signalled a “renewed slowdown in French private sector output growth”.
Comments from Alex Gill, Economist at IHS Markit:
“Having showed signs of resilience in April, May saw a renewed slowdown in French private sector growth. Moreover, the headline composite output index signalled the weakest rate of expansion for almost a year-and-a-half, indicating that the French private sector’s economic revival is losing further steam in the second quarter.
“On a brighter note, the data highlighted a better month for the manufacturing sector, with rates of expansion accelerating on a number of key metrics, including output, new orders and employment.”
