Poor details, but price pressures easing further

No real bright spots in the French PMI data - apart from prices. Input prices grew at the slowest for six months and output prices raised the least YTD. Highlights from the press release:

• "The headline Flash France PMI Composite Output Index fell below the vital 50.0 threshold in August that separates expansion from contraction. At 49.8, this signalled the first reduction in private sector output levels across."
• "Broad-based drop in new business intakes that was the sharpest since November 2020. Employment growth subsequently softened, undermined also by a further deterioration in business confidence. Overall, French companies were at their least optimistic in almost two years. "
• "There was a further softening of both input cost and output price inflation in August. The increase in input prices was the slowest for six months, while output charges were raised to the weakest extent in the year to date. Weaker price pressures coincided with fewer incidences of supplier delivery delays. According to August PMI data, input lead times lengthened to the least marked extent since January 2021."