France June flash services PMI 48.8 vs 50.0 expected ...Middle East

Prior 49.3Manufacturing PMI 45.3 vs 46.8 expectedPrior 46.4Composite PMI 48.2 vs 49.5 expectedPrior 48.9The readings above are a further setback to the French economy after the softer ones in May already. A renewed downturn in new orders in particular is the main drag for the month. Meanwhile, employment conditions eased to a three-month low and there was also a decline in business confidence with the election outlook weighing. HCOB notes that:“The French economy likely grew by 0.1% in the second quarter of 2024. At least that’s what our HCOB nowcast model suggests, with more pronounced growth in the service sector. Although the Composite PMI only crossed the threshold of 50 once this quarte

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