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Monday, June 23, 2008

Manufacturing and Services PMIs Flash Estimate June 2008

The French economy may well be contracting in June. According to Markit Economics who released data on the purchasing managers indexes for manufacturing and services earlier today, both fell into contraction territory in June. According to the flash estimates, the manufacturing PMI fell to 49.2 - its lowest level in more than three years - after rising to 51.5 in May.

"The drop in output reflected a contraction of new orders for the second time in the past three months, with the principal weakness of demand centred on the domestic market as export orders fell only slightly," Markit said in a press release.

The services PMI for France also slipped to 49.2, after falling to 50.5 May. The services PMI is now at its lowest level since November 20

Services have obviously been contracting for several months now, at least according to this indicator.

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