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Financial News: France Private Sector Growth At 4-Month High

France Private Sector Growth At 4-Month High

11/23/2021 - 05:23:00 (RTTNews)

(RTTNews) - France's private sector growth accelerated to a four-month high in November driven by strong expansion in services, while manufacturing production registered back-to-back declines, flash survey data from IHS Markit showed on Tuesday.

The final composite output index advanced unexpectedly to 56.3 in November from 54.7 in October. The score was forecast to drop to 53.6.

The services Purchasing Managers' Index rose to a 46-month high of 58.2 from 56.6 in the previous month. The expected reading was 56.0.

The manufacturing PMI posted 54.6 in November, up from 53.6 in October. Economists had forecast the index to fall to 53.0.

"While French officials have talked down the prospect of imminent restrictions, the trajectory of the virus in the coming weeks will be a key determinant of near-term economic activity, as any new restrictions are likely to hit the service sector, which at present is giving the economic recovery its principal impetus," Joe Hayes, a senior economist at IHS Markit, said.

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