Latest data released by Markit - 3 March 2021
- Composite PMI 47.0 vs 45.2 prelim
The preliminary report can be found here. A modest uptick in the revised figure but it still reaffirms the sharpest contraction in the French services sector in three months, with overall activity declining at an accelerated pace for a second month running.
Business optimism has improved though, similarly across the region, so that's some added comfort to the toll that virus restrictions are having on the French economy.
Markit notes that:
"February PMI data pointed to a continuation of the coronavirus-driven downturn seen throughout the winter months in the French private sector. Again, weakness was centred on services, where businesses are most hindered by restrictions related to the pandemic, with some firms remaining temporarily closed. However, the manufacturing figures were strong, with output growing at the fastest pace since the summer rebound and new orders rising sharply. Moreover, employment growth in both sub-sectors suggests that firms are beginning to look past the pandemic and are planning for a recovery phase. That was reflected by the strongest expectations regarding overall future activity since May 2018."
