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Financial News: France Private Sector Returns To Growth

France Private Sector Returns To Growth

06/23/2020 - 03:36:00 (RTTNews)

(RTTNews) - France's private sector expanded for the first time in four months in June as restrictions related to dealing with the covid-19 pandemic continued to be lifted, data from IHS Markit showed Tuesday.

The composite output index rose to a four-month high of 51.3 from 32.1 in May. The reading was also above economists' forecast of 46.3. A score above 50 indicates expansion.

Output growth was recorded in both the manufacturing and service sectors, with the former posting its quickest rise in production since February 2018.

The manufacturing Purchasing Managers' Index advanced to 52.1 in June from 40.6 in May. The expected score was 46.0.

The services PMI came in at 50.3 versus 31.1 a month ago and forecast of 44.2.

"Barring any large scale second outbreak, demand should also follow activity into expansion territory, as confidence continues to recover," Eliot Kerr, an economist at IHS Markit said.

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