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Flash July PMIs Round-Up: Contractions For All But UK, Signs of Easing Inflation (1/2)

EUROPEAN DATA
MNI (London)

France: all July flash PMIs weaker than forecasts. Weak demand on the back of high inflation and recessionary fears was the key driver.

  • Manufacturing fell 1.8 points to 49.6 (1.4 below forecast), dipping into the contractionary territory for the first time since November 2020. Manufacturing output contracted to 44.0, a 26-month low.
  • Services activity also slipped 1.8 points, falling to 52.1 and a 15-month low.
  • Inflation: Some signs of further price easing was seen in input prices. Wage, energy and fuel price pressures remained acute.
  • Employment: Despite slowing, job creation remained strong. Some initial signs of reduced production seeing workforces decline.
  • Expectations: Output expectations remain in positive territory, improving from the May 19-month low. Services expectations remain better than manufacturing.

Germany: all flash PMIs below expectations, all falling into contractionary territory below the 50 breakeven mark.

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France: all July flash PMIs weaker than forecasts. Weak demand on the back of high inflation and recessionary fears was the key driver.

  • Manufacturing fell 1.8 points to 49.6 (1.4 below forecast), dipping into the contractionary territory for the first time since November 2020. Manufacturing output contracted to 44.0, a 26-month low.
  • Services activity also slipped 1.8 points, falling to 52.1 and a 15-month low.
  • Inflation: Some signs of further price easing was seen in input prices. Wage, energy and fuel price pressures remained acute.
  • Employment: Despite slowing, job creation remained strong. Some initial signs of reduced production seeing workforces decline.
  • Expectations: Output expectations remain in positive territory, improving from the May 19-month low. Services expectations remain better than manufacturing.

Germany: all flash PMIs below expectations, all falling into contractionary territory below the 50 breakeven mark.

Keep reading...Show less