PMI in France and the EU falls to lowest level in June

The eurozone’s manufacturing and services Purchasing Managers’ Index (PMI), from S&P Global, fell to a 16-month low of 52.0 in June 2022 from 54.8 in May.

The PMI index remains above the 50 mark, indicating that the eurozone corporate sector continues to expand, albeit at a slower pace.

Business economist at S&P Global Markets Intelligence said, “The growth of the eurozone’s business activity has slowed dramatically. This increases the risk that the Eurozone economy will contract in the third quarter.”

The final French Purchasing Managers’ Index (PMI) for the services sector was 53.9 in June 2022, down from 58.3 in May and still below initial estimates of 54.4, reflecting rising inflationary pressures.

The final French Purchasing Managers’ Index for manufacturing and services came in at 52.5 in June, down from 57.0 in May and below the initial estimate of 52.8.

However, last June the French government also lowered its economic forecast for 2022 to 2.5% from 4% previously due to inflationary pressures.

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