French business activity slowed slightly in May from the previous month as inflationary pressures offset the improving climate from fewer coronavirus restrictions.
S&P Global said the French services PMI stood at 58.4 points, down from 58.9 points in April. Economists expected 58.6 points.
France’s manufacturing PMI for May fell to 54.5 points from 55.7 points in April, and also lower than estimates for 55 points.
The composite PMI stood at 57.1 points from 57.5 points in April, and lower than estimates for 57 points.
“According to our members, companies, especially those in the service sector, have seen another boost in their order books as a result of the withdrawal of pandemic restrictions in recent months,” said S&P Global Market Intelligence economist Joe Hayes.
“The picture is more bleak in the French construction industry. In addition to the constant pressures on the supply chain and the difficult conditions for exporters, high inflation prevents customers from placing orders,” he added.
Source: Capital
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