France’s June Services PMI Rose but Missed Flash Estimate, S&P Global Data Show

France’s services sector contracted less in June than in May, but the reading came in below the earlier flash estimate. According to Jin10, S&P Global’s France services PMI rose to 46.8 in June from 44.3 in May, but was below the flash reading of 47.4. The data indicated that weak demand and inflation pressures weighed on the sector, and that the pace of contraction in June was worse than expected. France’s June composite PMI final reading increased to 47.2 from 44.9 in May, and also came in below the flash estimate of 47.6. Joe Hayes, a senior economist at S&P Global Market Intelligence, said that overall the June France PMI survey “could have been much worse,” particularly after May’s data had already sent recession warning signals and after first-quarter GDP was revised down. He added that France’s economy remained mired in weak demand, low business confidence, and strong inflation pressures.