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Financial News: France's Private Sector Growth Moderates In August

France's Private Sector Growth Moderates In August

08/21/2020 - 03:48:00 (RTTNews)

(RTTNews) - France's private sector growth moderated in August after logging a nearly two-and-a-half years' fastest expansion in July, flash survey data from IHS Markit showed Friday.

The flash composite output index fell more-than-expected to 51.7 in August from 57.3 in July.

The reading was forecast to fall marginally to 57.2. A reading above 50 indicates expansion in the sector.

The slowdown was broad-based, with both manufacturers and service providers registering softer growth than in July.

The services Purchasing Managers' Index dropped to 51.9 from 57.3 in July. The expected reading was 56.3.

At the same time, the manufacturing PMI came in at 49.0 versus 52.4 a month ago. Economists had forecast the score to rise to 53.7.

"Overall, the results highlight the fragility of demand conditions faced by French businesses and cast further doubt over the V-shaped recovery that many had hoped for," Eliot Kerr, an economist at IHS Markit said.

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