PMI: Employment and inflation high

Composite a couple of tenths higher than consensus, services a tenth lower and manufacturing 7 tenths lower. Some of the details look fairly positive, however, albeit with prices rising at a record pace. Highlights from the press release:

• "The rise in overall activity levels was almost entirely driven by services firms as goods production increased at a sluggish pace"
• "French employment levels rose at the fastest pace since March 2001, while incidences of supplier delays across the manufacturing sector were at their least widespread for almost a year-and-a-half"
• "Price pressures once again intensified in May, with rates of input cost and output price inflation accelerating to fresh record highs."
• "New business intakes rose at a strong pace, although the expansion slowed from the ten month high seen in April. As was the case with output, the increase in new orders at services companies was noticeably faster than among goods producers during May."