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Financial News: French Private Sector Growth 21-month Low

French Private Sector Growth 21-month Low

09/21/2018 - 03:35:00 (RTTNews)

(RTTNews) - France's private sector growth fell to its lowest level in 21 months during September, amid weaker gains in both manufacturing and service sectors, survey data from IHS Markit showed Friday.

The flash France Composite Output Index dropped to 53.6 from 54.9 in August, the purchasing managers' survey showed. The reading was lower than the 54.6 economists had expected.

A score above 50 suggests growth in activity. The French private sector has now expanded for 27 months in a row.

The flash manufacturing purchasing managers' index fell to a three-month low of 52.5 from 53.5 in August. Economists had forecast a score of 53.3.

The manufacturing output index of the survey tumbled to a two-year low of 504. in September from 52.7 in August.

Many manufacturers saw a reduction in demand from the automotive sector and some firms reported a contraction in new export orders during September.

The flash services PMI declined to a four-month low of 54.3 from 55.4 in August. Economists were looking for a 55.3 reading.

Client demand remained solid overall, with many service firms reporting new project wins, though inflows of new business grew at the slowest pace in nearly two years, IHS Markit said.

"Input price pressures sharpened at a faster pace in the latest survey, reflecting higher wage and fuel bills," IHS Markit economist Sam Teague said.

"Nonetheless, despite higher cost burdens, optimism among French businesses improved during September, evidenced by a further marked improvement in job creation."

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