Economic Indicators

French manufacturing under pressure as new orders fall-PMI

2022.07.01 11:21

French manufacturing under pressure as new orders fall-PMI
FILE PHOTO: An employee works on the automobile assembly line of Bluecar electric city cars at Renault car maker factory in Dieppe, western France, September 1, 2015. REUTERS/Philippe Wojazer/File Photo

PARIS (Reuters) – A drop in new orders hit France’s manufacturing sector in June as months of high inflation and global logistics problems hurt demand, a survey showed on Friday.

S&P Global (NYSE:SPGI)’s manufacturing Purchasing Managers’ Index (PMI) fell further in June to 51.4, its lowest reading since at the height of the coronavirus pandemic at the end of 2020, but slightly above a 51.0 point flash estimate.

“With growth having slowed to a crawl for the most part since late last year, June survey data showed the French manufacturing sector slipping into contraction territory,” S&P Senior Economist Joe Hayes said.

While a reading slightly above 50 points still points to modest growth expectations, businesses are now becoming concerned about the outlook, Hayes said, adding that a confidence sub-index slid to its worst level in over two years.

Weakening demand and supply problems contributed to the first decrease in goods production in seven months while new orders among surveyed purchasing managers fell at the fastest rate since November 2020 to 46.1, from 50.6 points in May.

“Given the persistently high rates of inflation across Europe, softness in demand is likely to continue,” said S&P economist Hayes.

The French government on Tuesday sharply cut its growth outlook for this year to 2.5% from 4% due to the impact from the Omicron COVID wave at the start of the year and Russia’s invasion of Ukraine.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,575.41 0.45%
ethereum
Ethereum (ETH) $ 3,472.72 0.84%
tether
Tether (USDT) $ 0.999364 0.24%
xrp
XRP (XRP) $ 2.28 1.98%
bnb
BNB (BNB) $ 705.12 1.01%
solana
Solana (SOL) $ 197.79 0.47%
dogecoin
Dogecoin (DOGE) $ 0.331079 2.54%
usd-coin
USDC (USDC) $ 1.00 0.05%
staked-ether
Lido Staked Ether (STETH) $ 3,468.48 0.42%
cardano
Cardano (ADA) $ 0.911483 3.90%
tron
TRON (TRX) $ 0.256562 0.75%
avalanche-2
Avalanche (AVAX) $ 40.52 1.01%
chainlink
Chainlink (LINK) $ 24.62 1.13%
the-open-network
Toncoin (TON) $ 5.96 3.07%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,128.55 0.22%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 2.36%
sui
Sui (SUI) $ 4.49 3.69%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,161.30 0.27%
hedera-hashgraph
Hedera (HBAR) $ 0.314384 2.57%
stellar
Stellar (XLM) $ 0.383089 3.39%
polkadot
Polkadot (DOT) $ 7.47 1.89%
weth
WETH (WETH) $ 3,470.94 0.81%
bitcoin-cash
Bitcoin Cash (BCH) $ 463.37 2.76%
hyperliquid
Hyperliquid (HYPE) $ 26.82 10.89%
leo-token
LEO Token (LEO) $ 9.53 0.75%
uniswap
Uniswap (UNI) $ 13.90 5.20%
litecoin
Litecoin (LTC) $ 108.73 1.55%
bitget-token
Bitget Token (BGB) $ 5.74 15.21%
pepe
Pepe (PEPE) $ 0.000019 3.32%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,668.12 0.17%
near
NEAR Protocol (NEAR) $ 5.48 3.00%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
aave
Aave (AAVE) $ 369.66 2.48%
usds
USDS (USDS) $ 1.01 0.39%
aptos
Aptos (APT) $ 9.66 2.46%
internet-computer
Internet Computer (ICP) $ 11.25 0.15%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.516395 2.70%
crypto-com-chain
Cronos (CRO) $ 0.158587 5.29%
vechain
VeChain (VET) $ 0.051826 1.66%
mantle
Mantle (MNT) $ 1.24 0.40%
ethereum-classic
Ethereum Classic (ETC) $ 27.34 3.49%
render-token
Render (RENDER) $ 7.54 5.53%
bittensor
Bittensor (TAO) $ 511.80 1.12%
mantra-dao
MANTRA (OM) $ 3.79 0.42%
whitebit
WhiteBIT Coin (WBT) $ 24.93 1.23%
monero
Monero (XMR) $ 194.10 0.30%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35 4.38%
dai
Dai (DAI) $ 1.00 0.18%
arbitrum
Arbitrum (ARB) $ 0.799717 4.03%
filecoin
Filecoin (FIL) $ 5.30 3.29%