Positive details in French PMI release

Highlights from the press release which seem largely positive. First stabilisation in new orders for 60months, new export orders fastest for 3 years, additional hiring of staff and outlook strong for year ahead.

• "The softer contraction in overall activity came amid a stabilisation in new orders during March. The result ended a six-month sequence in which demand conditions had deteriorated. Underlying data pointed to a sharp improvement at manufacturers which was offset by a further decrease among service providers. Some panellists commented that demand was building amid anticipation for the reopening of the economy, while others noted that ongoing restrictions continued to hinder sales."
• "Overall stabilisation in new work was supported by an improvement in international demand conditions during March. In fact, new export orders increased for the second month running and the fastest rate for just over three years."
• "Continuing the trend seen in the first two months of the year, French businesses took on additional staff at the end of the first quarter. Moreover, the rate of increase was the strongest for almost two-and-a-half years and solid overall. Sector data indicated that hiring was broad-based"
• "Finally, despite the degree of positivity easing slightly from February, confidence towards the one year business outlook remained strong. Anecdotal evidence indicated that firms expect an improvement in demand once COVID-19 restrictions are relaxed."