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PMI shows high inflation but strong service output

FRANCE DATA

Highlights from the press release below. Output surprised to the upside in services but was slow in manufacturing (due to supply chain issues). Output prices at a series high.

  • "The service sector was once again the main driving force as fewer COVID-19 restrictions continued to support demand. This compared with only a slight increase in manufacturing output during April as shortages of raw materials and components hindered production capabilities."
  • "Prices charged for French goods and services rose, with the rate of output price inflation accelerating to a series high for the second month in a row "
  • "Private sector firms in France remained optimistic with regards to the 12-month outlook for business activity in April. Many panellists were hoping to see business expansion as the global economy moves closer to a postpandemic phase. That said, despite the level of confidence improving from March’s slump, it was weaker than the 2021 average as some companies were concerned about the effects of rising inflation and the war in Ukraine. "
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