The economy is bad in France.
Earlier this week, the Flash PMI report for June for France showed ongoing economic deterioration at a pace far worse than its Eurozone peers.
By looking in the right column here, you can see deterioration in every category.
And here’s the visual showing how any fledgling economic momentum is fading.
So yeah, it’s bad. France underperformed Germany significantly during the crisis. And now that the recovery phase is on, it’s not outperforming like many of the peripheral countries are.
Here’s the take from Pantheon Economics:
Today’s INSEE release confirms the weak PMI reading released earlier this week. The drop in the headline manufacturing index is not catastrophic, but it is concerning that we are seeing renewed signs of weaker momentum without having seen any recovery at all. The manufacturing sentiment index is now below its long term average, and the INSEE’s own turning point indicator has reversed sharply into negative territory. The bottom line for the economy is that the second quarter is unlikely to offer any positive surprises despite growth being unchanged — 0.0% quarter-on-quarter — in the first three months of the year.
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