|Composite - Level||53.4||53.3||52.0|
|Services - Level||54.1||54.1||52.8|
There were only minor revisions to the flash PMI data for June with the service sector PMI unchanged at 54.1, up from a final 52.8 in May, and the key composite output index shaded just a tick to 53.3, still up 1.3 points from its previous final reading.
Service sector activity expanded at its fastest rate in some forty-six months reflecting faster growth of new business and another rise in backlogs. Employment increased for a fourth consecutive month and, while only modest, still registered its strongest pace in more than three years. Business expectations climbed to their highest level since March 2012.
Input costs were up but not enough to prevent the inflation rate easing from the previous month and was anyway only modest overall. More importantly, service provider charges declined for a thirty-ninth successive month and at much the same solid pace as seen in May.
There is little fresh information in today's report which suggests a respectable conclusion by the French economy to the second quarter. However, real GDP growth over the period still looks unlikely to match the first quarter's 0.6 percent quarterly rate and deflation risks are still an issue.
The Composite PMI is produced by Markit and is based on original survey data collected from a representative panel of over 700 companies based in the French private sector economy. The final France Composite PMI follows on from the flash estimate which is released a week earlier and is typically based on at least 75 percent of total PMI survey responses each month.
The Services PMI is produced by Markit and is based on original survey data collected from a representative panel of over 300 companies based in the French service sector. The final France Services PMI follows on from the flash estimate which is released a week earlier and is typically based on at least 75 percent of total PMI survey responses each month.
Investors need to keep their fingers on the pulse of the economy because it dictates how various types of investments will perform. By tracking economic data such as the purchasing managers' manufacturing indexes, investors will know what the economic backdrop is for the various markets. The stock market likes to see healthy economic growth because that translates to higher corporate profits. The bond market prefers less rapid growth and is extremely sensitive to whether the economy is growing too quickly and causing potential inflationary pressures.
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