France Pmi Composite

The HCOB France Composite PMI was revised slightly upwards to 48.3 in March 2024, compared to the flash estimate of 47.7 and February's reading of 48.1. The latest reading still pointed to contraction in the private sector, albeit the softest over the current ten-month downturn. Both services (48.3 vs 48.4 in February) and manufacturing activity (46.2 vs 47.1) continued to shrink during the month, with manufacturers facing a more pronounced decline. Output recorded a milder decrease, while overall sales volumes fell at a stronger pace, amid subdued demand. Backlogs of work continued to decrease, albeit to the softest extent since July last year. In the meantime, private sector employment saw a marginal uptick, driven by services. On the price front, inflationary trends were broadly stable in March, with another sharp rise in input costs coinciding with only a fractional slowdown in the rate of output price inflation. Lastly, business confidence jumped to a 20-month high.