Latest data released by Markit - 6 May 2020
- Composite PMI 11.1 vs 11.2 prelim
The preliminary report can be found here. Not much change to initial estimates as this just reaffirms the steepest drop on record in services and business activity in France amid the virus fallout and business shutdowns last month. Markit notes that:
"The latest PMI results for the French service sector were truly unprecedented, as the coronavirus pandemic tightened its grip on the global economy. The headline Business Activity Index for service providers barely registered in double-figures, with the reading pointing the sharpest contraction in survey history. The pain was even more severe than that felt in the manufacturing sector and contributed to a record decline in composite activity.
"Going forward, the easing of French restrictions on the 11th of May should lead to a partial recovery in the coming months. However, it remains to be seen whether growth can be sustained, with the risk of a second outbreak jeopardising the chances of a prolonged expansion. Moreover, any return to long-term growth rates might be gradual, with consumers taking time to overcome hesitancy surrounding public health before they resume their previous spending habits."
