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Financial News: France Private Sector Growth Slows Moderately In August

France Private Sector Growth Slows Moderately In August

08/23/2021 - 05:21:00 (RTTNews)

(RTTNews) - France private sector logged another strong growth in August but the pace of expansion moderated slightly, flash survey results from IHS Markit showed on Monday.

The flash composite output index fell to a four-month low of 55.9 in August from 56.6 in July.

Although the headline figure was at its lowest level since April, it was comfortably above the long-run average of the series.

The factory Purchasing Managers' Index came in at 57.3, down from 58.0 in July. The reading came in line with economists' expectations.

The services PMI dropped unexpectedly to 56.4 from 56.8 in the previous month. The score was forecast to rise to 57.0.

"Despite some of the challenges businesses are facing on the supply side, it's encouraging to see PMI data consistently signaling robust expansion," Joe Hayes, senior economist at IHS Markit said.

"Furthermore, given we're now midway through the third quarter, the survey data up to this point suggest we could see another decent outturn in the corresponding GDP figure," said Hayes.

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