France January final services PMI 47.3 vs 46.5 prelim

Latest data released by Markit – 3 February 2021

Composite PMI 47.7 vs 47.0 prelimThe preliminary report can be found here. Slight upward revisions but this just reaffirms a contraction in French services activity to start the new year as demand falters amid tighter restrictions across the country. Markit notes that:”The first set of final PMI results for 2021 pointed to
a sharper decline in private sector activity, as tighter
COVID-19 restrictions hindered the economy. The
service sector was more heavily impacted than the
manufacturing sector, although goods producers did
record a fresh decline in output, partially reversing the
growth seen in December. Meanwhile, a faster decline
in new business was confined to the service sector,
with manufacturers registering an improvement in
demand conditions for the first time since October.

“More promisingly, private sector employment
showed early signs of recovery in January. Following
the stabilisation in December, staff numbers rose for
the first time in almost a year. Meanwhile, optimism
regarding output in the year ahead remained strong,
with firms expecting a broad-based recovery in the
second half of this year.”