French Flash PMI -- a composite measure that includes both the service and manufacturing sectors of the economy -- has come in very ugly.
Here are the key bullet points and the key chart.
In the chart, Flash PMI is in blue.
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Economist Frederik Ducrozet notes what's so ominous about this.
Collapse in French services PMI (less correlated to external shocks) is not just noise, but a sign of large adjustments to come
— Frederik Ducrozet (@fwred) March 21, 2013