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Financial News: French Private Sector Growth At 5-Month Low

French Private Sector Growth At 5-Month Low

06/23/2017 - 03:31:00 (RTTNews)

(RTTNews) - The French private sector grew at the weakest pace in five months in June, flash survey data from IHS Markit showed Friday.

The composite output index dropped to 55.3 in June form May's six-year peak of 56.9. However, any reading above 50 indicates expansion in the sector.

The services activity expanded for the twelfth successive month in June. The services Purchasing Managers' Index also fell to a 5-month low of 55.3 from 57.2 in May. It was forecast to drop to 57.0.

Meanwhile, the manufacturing PMI climbed to a 2-month high of 55.0 in June from 53.8 in May. Economists had expected the index rise to 54.0.

Private sector firms raised their staffing numbers for the eighth successive month in June on strong client demand. Moreover, the rate of job creation was the most marked in almost ten years.

"Over a longer time horizon, with Emmanuel Macron's 'La République en Marche' now holding a majority in the national assembly, proposed labour market reforms are likely to occur which could help further reduce unemployment," Alex Gill, Economist at IHS Markit said.

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