France PMI Manufacturing rose dropped to 52.0 in June, down from 52.3, missed expectation of 53.2. PMI Services rose to 57.8, up from 50.7, well above expectation of 52.3. That’s also the highest level in 30 months. PMI Composite rose to 57.6, up from 51.7, also a 30-month high.
Eliot Kerr, Economist at IHS Markit said: “The July PMI figures pointed to strong growth in French private sector business activity, confirming that the economy has entered its recovery phase following the COVID-19 lockdown. The results for new orders suggest that domestic demand is finally beginning to recover with more and more businesses reopening and consumers starting to adopt some of their former spending habits. Going forward, a steady rebuilding of demand should give businesses the confidence to start hiring more staff and this will further aid the economy in returning to pre-coronavirus levels of output.”
