Latest data released by Markit - 24 March 2020
- Prior 52.5
- Manufacturing PMI 42.9 vs 40.6 expected
- Prior 49.8
- Composite PMI 30.2 vs 38.1 expected
- Prior 52.0
Those are record lows for the services and composite prints, while the manufacturing print is at a 86-month low as the virus epidemic causes a record contraction in economic activity. The rate of decline is also the sharpest in the series' 22-year history.
On the manufacturing side, new orders fell at the fastest pace in the series' history while output also declined sharply from 49.0 in February to 35.6 in March - a 132-month low.
Markit notes that:
"The latest PMI data revealed dismal results for the French private sector, with coronavirus-driven shutdowns leading to widespread economic disruption."March saw a record rate of declines for services activity, while the manufacturing sector suffered to the greatest extent since the global financial crisis. Taken together, these declines suggest GDP is collapsing at an annualised rate approaching double digits."Currently with the fourth highest number of confirmed infections in Europe, France has put in place wide-ranging measures to stem the further spread of COVID-19 but is also balancing these with policies to limit the associated economic impact. Over the coming months, the PMI will be a crucial indicator in assessing the development of the effects of these policies on the economy."
