Latest data released by Markit - 5 May 2021
- Composite PMI 51.6 vs 51.7 prelim
The preliminary report can be found here. Little change to the initial estimates as this reaffirms France's first services sector expansion, albeit marginally, since August last year. There were slight expansions observed in output and new orders.
The good news is that optimism and sentiment on the outlook towards 2H 2021 remains bright. Markit notes that:
"Given the reintroduction of national lockdown restrictions at the start of April, the first upturn in services activity for eight months may come as somewhat of a surprise. However, the expansion was centred on sub-sectors where the latest round of COVID-19 measures will have had limited impact, such as in Financial Intermediation and Post & Telecommunications. The key takeaway from the latest release of PMI data is that following a prolonged period of downturn, underlying demand conditions are now beginning to recover as vaccine roll-outs give firms the confidence to look beyond the crisis. That demand has translated into new business and increased activity levels across the service sector as a whole."
