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France November flash services PMI 58.2 vs 55.5 expected

Latest data published by Markit – 23 November 2021

  • Before 56.6
  • Manufacturing PMI 54.6 vs 52.8 expected
  • Before 53.6
  • Composite PMI 56.3 vs 53.4 expected
  • Before 54.7

This is a general surprise, as French commercial activity has held up, with the service sector in particular having rebounded quite strongly after some sluggishness in the last four months since the summer peak.

Details still reveal persistent supply chain disruptions, which keep pricing pressures high, with input cost inflation remaining near the October 17-year peak.

Markit notes that:

“After entering into a period of marked slowdown in growth in the months leading up to October, the November PMI flash data showed a further acceleration in French economic expansion. Besides stronger production growth, new orders have grown at a faster rate, which companies suggest companies are recovering, helping to increase customer demand.

However, the driving force behind the data improvements are services. Manufacturers still struggle with component shortages, long lead times and moderate demand conditions. These factors have led to consecutive declines in production.

Unfortunately, this puts the wider economic recovery in a precarious position, especially with the series of new COVID-19 containment measures being implemented in other parts of Europe. While French officials have refuted the The prospect of impending restrictions, the trajectory of the virus in the coming weeks will be a key determinant of economic activity in the near term, as any further restrictions are likely to hit the service sector, which is currently giving the economic recovery its main boost. . “


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