French Flash PMI — a composite measure that includes both the service and manufacturing sectors of the economy — has come in very ugly.
Here are the key bullet points and the key chart.
In the chart, Flash PMI is in blue.
MarkitEconomist Frederik Ducrozet notes what’s so ominous about this.
Collapse in French services PMI (less correlated to external shocks) is not just noise, but a sign of large adjustments to come
— Frederik Ducrozet (@fwred) March 21, 2013
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