French Manufacturing PMI declined in January

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Wednesday, Jan 24 2018

French Manufacturing PMI declined in January

French private sector activity continued to grow at a strong pace in January, underlining optimism over the economic outlook of the euro zone’s second largest economy, preliminary data showed on Wednesday. The preliminary services purchasing managers’ index improved to a seasonally adjusted 59.3 this month. The reading came in above expectations for 58.9 and up from 59.1 in December. In contrast, the French manufacturing purchasing managers’ index fell to 58.1 this month, missing expectations for 58.7 and down from 58.8 a month earlier.

As has been the case in recent months, output was supported by a further rise in new orders, which hit its highest level since April 2011. Commenting on the report, Alex Gill, an economist at Markit said, " A sharp pick-up in client demand encouraged a further sharp round of job creation. Nevertheless, backlogs of unfinished work accumulated to the greatest extent since April 2011. Together with a robust degree of business confidence, these trends look set to support further growth in the coming months."

More in this category: « CBI Manufacturing Orders survey showed balance of +13% German Manufacturing PMI down, Services PMI at sevn-month high »

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