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French manufacturing activity highest in 2-1/2 yrs in Oct: PMI
[PARIS] French manufacturing activity grew in October to its highest level since March 2014 as improving demand fuelled new orders, a survey showed on Wednesday.
Data compiler Markit said its final Purchasing Managers'Index rose to 51.8 in October from 49.7 in September.
That was better than a preliminary reading of 51.3 and brought the index above the 50-point line that divides an expansion in activity from a contraction for the first time in eight months.
"The latest survey data signalled an improvement in the French manufacturing sector, underlined by a solid expansion in production," said Markit economist Alex Gill. "New orders also increased for the first time this year, albeit at a more subdued pace."
While the level of employment broadly stabilised after seven months during which manufacturers shed jobs, the data indicated that firms remained cautious with regard to future growth.
Goods-producing companies operating in France recorded an expansion in new work for the first time in 10 months during October.