France PMI Climbs to 45.2, But Jobs Are Being Cut At Fastest Pace Since September 2009

french vineyard

Photo: Wikimedia Commons

France’s manufacturing PMI climbed to 45.2, just below economists’ estimate of 45.3.This is an improvement from 44.7 in May.

Any measure below 50 signals contraction.

Key Points:

  • Output and new orders fall further, albeit at slower rates
  • Jobs cut at fastest pace since September 2009
  • Input prices down for first time in six months

“The downturn in French manufacturing continued in June, as weak domestic demand in particular weighed on the sector’s performance,” wrote Markit economist Jack Kennedy.  “Firms responded to the tough operating environment by cutting purchasing and employment at accelerated rates.”

france pmi

Photo: Markit

 

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