Recent Updates

  • Japan: Trading Volume of Treasury Bills & Financing Bills by Investor Type, TSE Tokyo PRO Market (Dec)
  • Korea: Tourist Arrivals, PPI, Domestic Supply and Output Price Indexes (Dec), First 20 Days of Trade (Jan)
  • US: Consumer Sentiment (Jan-prelim), GDP by Industry (Q3)
  • Consumer Sentiment Detail (Jan-prelim)
  • Canada: MSIO, Intl Transactions in Securities (Nov)
  • Ivory Coast: IP (Nov); South Africa: Financial Soundness Indicators (Nov); Turkey: House Sales (Dec), IIP (Nov)
  • more updates...

Economy in Brief

France's Service Sector Holds Its Strength
by Robert Brusca October 29, 2007

Readings are mostly firm, strong.

France's service sector continues to claim strong readings. While Euro area and French manufacturing measures have softened, the service sector continues to post its strongest overall reading since 2000. The outlook index shows a bit more weakness, dropping by one point in October and holding to the 87th percentile in its range. Sales held to their second strongest reading on the period and were flat on the month. Expected sales (next 3-months) slipped by one point and remained in their 82nd percentile. Price expectations slipped and were in the 30th to 40th percentiles. Employment readings showed current of ‘observed' employment in only its 40th percentile but expected employment (3-mos) was at 100%. Viva la optimism!

The service sector readings indicate that for France at least expectations remain somewhat compartmentalized. Manufacturing indicators have been weakening but the services survey shows no hint of this or fear of its consequences. The same goes for the unrelenting rise in the euro which has brought forth a good deal of negative commentaries from French officials. There appears to have been no spillover impact into the services sector stemming from these sorts of concerns. Still, the upward momentum in the services index has clearly slowed both for the climate and the outlook indicators. We may soon see if the service sector is really this strong or if survey participants have just been excessively optimistic.

France INSEE Services Survey Jan 2000-date
  Oct
07
Sep
07
Aug
07
Jul
07
%tile Rank Max Min Range Mean
Climate Indicator 113 112 113 113 100.0 1 113 83 30 102
  Climate: 3-Mo MAV 113 113 112 111 100.0 1 113 85 28 102
  Climate: 12-Mo MAV 110 110 110 109 100.0 1 110 91 20 101
Outlook 7 8 8 8 87.9 11 11 -22 33 -1
Sales
  Observed 3-mos 18 18 16 13 96.7 2 19 -11 30 6
  Expected 3-Mos 13 14 15 16 82.1 12 18 -10 28 7
Sales Price
  Observed over 3-Mos 0 2 1 0 33.3 34 8 -4 12
  Expected over 3-Mos -1 1 1 2 40.0 59 5 -5 10 1
Employment
  Observed over 3-Mos 3 8 10 13 41.2 50 23 -11 34 5
  Expected over 3-Mos 17 9 8 6 100.0 1 17 -5 22 5
close
large image