France's private sector economy suffered its sharpest contraction in five-and-a-half years during May, according to S&P Global 'flash' PMI data, as an accelerated decline in services activity was accompanied by a fresh drop in manufacturing production. The steepest contraction since late 2020 was a consequence of the war in the Middle East, according to firms, who frequently cited fuel and energy cost pressures, as well as general economic angst, as reasons for lower output. Meanwhile, prices indices continued their ascent in May, signalling a further rise in inflationary pressures across France. Input costs and ... (full story)