PARIS, Aug 1 (Reuters) – Key final results from S&P Global’s surveys of manufacturing purchasing managers in Europe, released on Monday:
FRANCE – INFLATION AFFECTS DEMAND
PARIS – Manufacturing activity in France contracted in July under the effect of inflationary pressures, show the final results of the S&P Global survey.
The PMI index for the sector fell to 49.5 whereas an initial estimate had given it at 49.6 after 51.4 in June.
“Production and new orders recorded their largest declines since the initial wave of COVID-19 in the first half of 2020, reflecting the impact of high inflation on demand,” said Joe Hayes, senior economist at S&P Global Market Intelligence.
“Barring a sharp slowdown in the rise in prices, an imminent rebound in the economy seems unlikely. The level of business confidence remained very subdued in July, reflecting their concerns about the inflation, supply difficulties and the war in Ukraine,” he added. (Report Sudip Kar-Gupta, French version Laetitia Volga,)