{"id":319332,"date":"2025-08-05T08:19:10","date_gmt":"2025-08-05T08:19:10","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/319332\/"},"modified":"2025-08-05T08:19:10","modified_gmt":"2025-08-05T08:19:10","slug":"france-july-final-services-pmi-48-5-vs-49-7-prelim","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/319332\/","title":{"rendered":"France July final services PMI 48.5 vs 49.7 prelim"},"content":{"rendered":"<ul data-v-64ab016d=\"\">\n<li data-v-64ab016d=\"\">Prior 49.6<\/li>\n<li data-v-64ab016d=\"\">Composite PMI 48.6 vs 49.6 prelim<\/li>\n<li data-v-64ab016d=\"\">Prior 49.2<\/li>\n<\/ul>\n<p class=\"text-align-justify\" data-v-64ab016d=\"\">That is a disappointing revision as French services activity slumps in July, with demand conditions deteriorating further. Besides that, low client business activity and inadequate staffing capacity weighed on<br \/>\noutput volumes as well. HCOB notes that:<\/p>\n<p class=\"text-align-justify\" data-v-64ab016d=\"\">\u201cFrance\u2019s Composite PMI has declined to a three-month low, marking a subdued start to the second half of the year.<br \/>\nAlthough GDP growth came in stronger than expected at 0.3% quarter-on-quarter, this expansion was largely driven by<br \/>\nchanges in inventories. This raises concerns about the sustainability of the current growth path. The muted private sector<br \/>\nsentiment suggests limited momentum in the near term.\n<\/p>\n<p class=\"text-align-justify\" data-v-64ab016d=\"\">\u201cActivity in the French service sector had approached the expansion threshold in recent months, but the HCOB Services PMI<br \/>\nregistered a moderate decline in July. This reflects persistently weak demand conditions. Notably, some survey respondents<br \/>\npointed to delayed decision-making as a factor weighing on demand. These delays likely stem from political uncertainty<br \/>\nwithin France and ongoing geopolitical tensions in global trade. As a result, business expectations for the next 12 months<br \/>\nhave deteriorated.\n<\/p>\n<p class=\"text-align-justify\" data-v-64ab016d=\"\">\u201cThe slowdown in business activity is increasingly reflected in capacity utilization. In July, backlogs of work declined, and<br \/>\nforward-looking expectations worsened significantly. This is translating into a more challenging environment for workers in<br \/>\nthe services sector: temporary contracts are less frequently renewed, and voluntary departures are often not followed by<br \/>\nnew hires, leading to a net reduction in employment.\n<\/p>\n<p class=\"text-align-justify\" data-v-64ab016d=\"\">\u201cOn the price side, conditions remain broadly unchanged from the previous month. Input prices continue to rise moderately,<br \/>\ndriven by higher wages and increased costs for intermediate goods. Given firms\u2019 limited pricing power, output price inflation<br \/>\nremains contained. The modest increase in prices charged reflects both cost pressures and efforts to support revenue<br \/>\ngrowth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Prior 49.6 Composite PMI 48.6 vs 49.6 prelim Prior 49.2 That is a disappointing revision as French services&hellip;\n","protected":false},"author":2,"featured_media":319333,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5309],"tags":[2000,299,36],"class_list":{"0":"post-319332","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-france","8":"tag-eu","9":"tag-europe","10":"tag-france"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114975182871913256","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/319332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=319332"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/319332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/319333"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=319332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=319332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=319332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}