France July final services PMI 57.3 vs 57.8 prelim
Latest data released by Markit - 5 August 2020
- Composite PMI 57.3 vs 57.6 prelim
The preliminary release can be found here. A slightly lower revision but it reaffirms a decent rebound in French economy activity as domestic demand recovers. But once again, all eyes will be on how labour market conditions hold up in the coming months.
Markit notes that:
"July PMI data showed the kind of recovery we have been expecting since the easing of lockdown restrictions first began. Both manufacturers and service providers posted sharp expansions in activity following the dire conditions they have experienced in recent months. The latest figures add weight to the argument that economic growth should return in the third quarter, which will represent the first green shoots in the recovery after contractions in both the first and second quarter. With the reduction in GDP between April and June expected to be well into the double-digits, growth could not come sooner, as it will prevent the French economy from losing more ground and allow activity to rebuild towards pre-coronavirus levels."