July flash services PMI 49.8 vs 47.5 expectedPrior 46.8July flash manufacturing PMI 50.0 vs 51.0 expectedPrior 51.2July flash composite PMI 49.6 vs 47.8 expectedPrior 47.2The services print is a 7-month high and that is carrying the French economy in July, amid a step back in the manufacturing sector on the month.Of note, demand for services was seen rising for the first time sinceNovember last year. So, that brought much stabilisation to the overall economy - even if still in contraction territory, albeit marginally.That being said, private sector employmentremained under pressure and declined again while businessoptimism stayed subdued. So, there's that.The only other good news at least is that input cost andoutput price inflation rates eased for the second month insuccession. But with renewed tensions between the US and Iran, it's hard to imagine that as being much of an optimistic takeaway at this stage.S&P Global notes that:"While the latest survey data brought with it good newsin the form of the France PMI rising further from its Maylow and inflationary pressures easing, it feels overlyoptimistic to bank on this momentum continuing givenrenewed pressures on oil and gas markets in recentdays. This also raises the odds of the European CentralBank delivering more monetary policy tightening, whichwould exacerbate these headwinds."Escalating tensions between the US and Iran bringfresh uncertainty about inflation, borrowing costs andgeopolitics more broadly, and uncertainty has so oftenbeen to the detriment of the French economy in recentyears." This article was written by Justin Low at investinglive.com.