Mish's Global Economic Trend Analysis: France, Italy, Spain Services PMI Show Continued Sharp Decreases; Eurozone Composite PMI Near 3-Year Low; Germany Services PMI at 6-Month Low

Mish's Global Economic Trend Analysis: France, Italy, Spain Services PMI Show Continued Sharp Decreases; Eurozone Composite PMI Near 3-Year Low; Germany Services PMI at 6-Month Low: Key points:

Final Markit France Services Activity Index at 45.1 (45.2 in April), 7-month low.
Final Markit France Composite Output Index at 44.6 (45.9 in April), 37-month low.




Summary: French service providers registered another sharp decrease in business activity during May. Underlying the weak performance was a second successive fall in incoming new business, while backlogs of work fell further. Companies responded by cutting employment. Input price inflation eased to the slowest for over two years, allowing companies to reduce their charges further.