France PMI Manufacturing dropped from 57.2 to 54.8 in March, below expectation of 55.1. That’s also a 5-month low. PMI Services rose from 55.4 to 57.4, above expectation of 55.2, a 4-month high. PMI Composite rose from 55.5 to 56.2, an 8-month high.
Joe Hayes, Senior Economist at S&P Global said: “Services was the sole driver of March’s accelerated expansion as manufacturing output growth slowed sharply since February… Russia’s invasion of Ukraine has intensified already existing issues for businesses. According to survey respondents, the war has worsened the availability of certain inputs, generated hesitancy among some clients to place new orders, dented business confidence and exerted further considerable upward pressure on costs due to the impact on fuel, energy and commodity prices.”
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