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Business activities in France surged to a 15-month high during September, remaining well above what markets had earlier anticipated, after having stagnated during the second quarter. Further, a strong services sector helped in offsetting the weakness observed in manufacturing according to a survey result released Friday.
France’s flash composite purchasing managers index rose to 53.3 in September from 51.9 in August, defying economists' average forecast for a fall back to 51.4, data released by HIS Markit showed Friday. The reading, the strongest since June 2015, lifted the index further above the key 50-point level dividing an expansion in activity from a contraction.
Further, following a boost in the flow of new business, the service sector saw its index also rise to a 15-month high of 54.1 from 52.3 in August, easily beating expectations for 52.0. Also, the PMI for the manufacturing sector rose to 49.5 from 48.3 in August, beating expectations for 48.4 but still not improving enough to tip into expansion mode.
"The data raise hopes of a firmer GDP print for the third quarter after growth ground to a halt in the second quarter," Reuters reported, citing Jack Kennedy, Economist, IHS Markit.
Meanwhile, a survey from the INSEE statistics agency showed a broad-based improvement in business confidence this month with both the services and industrial sectors perking up.
