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- France's preliminary manufacturing PMI drops in January, while services PMI rises
France's preliminary manufacturing PMI drops in January, while services PMI rises
Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for France on Friday. France's preliminary manufacturing PMI dropped to 50.0 in January from 51.4 in December, missing forecasts of a decline to 51.3.
France's preliminary services PMI rose to 50.6 in January from 49.8 in December. Analysts had expected the index to climb to 50.2.
"Competitive pressures remain strong, with firms cutting their selling prices at the sharpest rate in seven months in a bid to shore up demand, suggesting that inflation is set to remain very weak in the near future. A slight rise in employment - the first since mid-2015 - offers mild reassurance on the labour market front, although does little to suggest a meaningful improvement in the jobless rate is on the cards from its current 18-year high of 10.6%," the Senior Economist at Markit Jack Kennedy said.
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