FX.co ★ France Composite PMI Revised Higher

The S&P Global France Composite PMI stood at 48.8 in March, revised up from the preliminary estimate of 48.3 but down from 49.9 in February, indicating the sharpest contraction in private sector activity since October. The downturn was largely driven by a steeper decline in new orders, underscoring persistent weakness in demand across the economy. Although output prices continued to rise, the rate of increase remained muted and historically low, highlighting firms’ limited pricing power. At the same time, cost pressures strengthened, with input prices in the private sector climbing at their fastest pace since November 2023, mainly reflecting a marked acceleration in inflation in the manufacturing sector.