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Details weak in French PMI report

FRANCE DATA
  • Weak details in the French PMI, with employment falling, backlogs of work falling and the falls were in spite of easing supply chain disruptions. Highlights from the press release:
  • "Amid a less positive outlook towards the future, private sector employment in France rose at the slowest rate in four months during June. The slowdown in jobs growth was particularly notable in the manufacturing sector and came amid the first reduction in backlogs of work since November 2020."
  • "While June’s survey indicated a persistence of supply-chain disruptions, which firms attributed to the war in Ukraine, staff shortages and inadequate item availability across the market, the extent to which supplier delivery times lengthened was the weakest for almost a year-and-a half. However, input buying activity fell for the first time since November 2020 as businesses noted sufficient stock levels and a preference to use them over making additional purchases at current prices."
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