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Financial News: France's Private Sector Growth Eases To 16-Month Low

France's Private Sector Growth Eases To 16-Month Low

05/23/2018 - 03:19:00 (RTTNews)

(RTTNews) - France's private sector growth slowed to a 16-month low in May, flash survey data from IHS Markit showed Wednesday.

The flash composite output index fell more-than-expected to 54.5 in May from 56.9 in April. The score was seen at 56.8.

The moderation in overall output growth was driven by the services sector. The services Purchasing Managers' Index slid to 54.3 from 57.4 a month ago. The expected reading was 57.2.

Meanwhile, the manufacturing PMI rose unexpectedly to 55.1 in May from 53.8 a month ago. Economists had forecast the reading to fall to 53.7.

The overall slowdown in activity was indicative of softer underlying client demand, as the rate of growth in new orders moderated to a 17-month low. In line with weaker growth in client demand, private sector firms took on new staff to a weaker extent.

Average input prices faced by companies operating in the French private sector rose for the twenty-seventh time in as many months. At the same time, firms reported a ninth consecutive rise in average charges in May.

Finally, French private sector firms maintained an optimistic outlook midway through the second quarter.

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