French business activity stronger than forecast in Nov
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PARIS, (Reuters) – French business activity grew at a quicker pace than anticipated in November, according to preliminary estimates of a monthly poll. This was because the services sector, which is the largest in the eurozone, experienced its strongest growth in four years.
IHS Markit data compiler stated on Tuesday that their flash purchasing managers index for French services in November was at 58.2 points. That’s up from 56.6 in Oct.
Services sector readings beat the 56.0 point forecast and moved the index higher above the 50-point threshold, which indicates an increase of activity.
In November, the flash PMI of France’s manufacturing sector rose from 53.6 to 54.6, beating expectations for 53.0.
The composite flash PMI index, which covers both manufacturing and services, increased to 56.3 in November from 54.7 in Oct. This beats a forecast for 53.6.
France’s services industry benefited from new customer contracts and higher workloads by existing customers. IHS Markit said that supply-chain disruptions remained, but the benefits were still there.
Joe Hayes, senior economist at IHS Markit said that after a period of slower growth during the months prior to October the flash PMI data November revealed a new acceleration in French economic growth.
Services are the main driver behind data improvements. Hayes said that manufacturers are still facing shortages of components, lengthy lead times, and low demand.
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