Latest data released by Markit - 3 February 2021
- Composite PMI 47.7 vs 47.0 prelim
The preliminary report can be found here. Slight upward revisions but this just reaffirms a contraction in French services activity to start the new year as demand falters amid tighter restrictions across the country. Markit notes that:
"The first set of final PMI results for 2021 pointed to a sharper decline in private sector activity, as tighter COVID-19 restrictions hindered the economy. The service sector was more heavily impacted than the manufacturing sector, although goods producers did record a fresh decline in output, partially reversing the growth seen in December. Meanwhile, a faster decline in new business was confined to the service sector, with manufacturers registering an improvement in demand conditions for the first time since October.
"More promisingly, private sector employment showed early signs of recovery in January. Following the stabilisation in December, staff numbers rose for the first time in almost a year. Meanwhile, optimism regarding output in the year ahead remained strong, with firms expecting a broad-based recovery in the second half of this year."
