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There’s a widespread belief that the French economy is fundamentally flawed due to some combination of taxes and regulations. The news today advances the argument that something has seriously gone wrong.
Today is PMI day, and we’ve been getting manufacturing reports from around the world. Mostly they’ve been okay.
The Spanish and Italian manufacturing numbers were quite solid actually. And the German manufacturing numbers were awesome.
But according to Markit, the French manufacturing sector has hit a 7-month low, dropping from 48.4 in November to 47.0 in December. Scores below 50 indicates contraction.
You can just see on the chart how sickly the sector is.
Here’s the full table of Eurozone PMI reports that shows just how awful the French number really is.