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Financial News: France Private Sector Expands In August

France Private Sector Expands In August

08/22/2019 - 04:45:00 (RTTNews)

(RTTNews) - France's private sector rose at the fastest pace in two months in August, the flash survey data from IHS Markit showed on Thursday.

The composite output index rose to 52.7 in August from 51.9 in July, results of the monthly Purchasing Managers' survey showed. Economists had forecast a score of 51.8.

Any reading above 50 indicates expansion in the sector.

New orders rose in August, which led to a five-month expansion in the current sequence, and the new export orders increased.

Employment level increased to the highest in three years and backlogs of work rose for the fourth straight month in August .

On the price front, input cost inflation rose in August, which led the inflation to increase to three-and-a-half years, while average price rose at a slower pace.

Business confidence weakened in August remaining stronger than the historic average.

The services purchasing managers' index, or PMI, rose to 53.3 in August from 52.6 in the preceding month. Economists had expected a score of 52.5.

The manufacturing PMI expanded to 51.0 in August from 49.7 in the previous month. Economists had forecast a score of 49.5.

"Service sector expansion continued to surpass manufacturing growth, reflecting the broader trend seen across the Eurozone in recent months," Eliot Kerr, economist at IHS Markit, said.

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