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Today Markit Economics reported preliminary data on French and German Manufacturing and Services PMI.
The French Manufacturing PMI for March rose from a previous reading of 47.6 to 48.2 but remained below estimates of an increase to 48.9 - and below the 50 mark that separates growth from contraction. The Services PMI declined from 53.4 to 52.8 not meeting expectations of a decrease to 53.1. The data not only shows a divergence between the service and manufacturing sector but also with Germany, Eurozone's powerhouse and largest economy.
German data came in better-than-expected with the Manufacturing PMI at 52.4, above estimates for an increase to 51.5 and a previous reading of 51.1. The Manufacturing activity rose to the highest level in eight months. The German Services PMI rose from 54.7 to 55.3 beating estimates of an increase to 55.0. German PMI data is a solid sign of the economic recovery.
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