Latest data released by Markit - 3 June 2020
- Prior 10.2
- Composite PMI 32.1 vs 30.5 prelim
- Prior 11.4
The preliminary report can be found here. A slight adjustment higher to the initial estimates, as that indicates that business activity is seen improving from April to May. But economic conditions still remain in contraction territory with demand still extremely subdued.
New business and new export orders continue to fall at rapid paces but have eased from the situation in April at least. Markit notes that:
"Following April's record decline, the latest PMI data pointed to a further contraction in French private sector business activity during May. Given the low likelihood of businesses being open in April but closed in May, the latest reduction in output reflects the deteriorating demand conditions that firms now face.
"That said, rates of activity decline at both manufacturers and service providers did ease in May, and we should expect this trend to continue as more and more firms reopen for business. Although we might see further contractions while demand remains subdued, PMI figures should continue to climb in the months ahead barring a second outbreak."
