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French manufacturing shakes off recession as business pick-up strengthens: PMI
[PARIS] France's manufacturing sector expanded in June for the first time since April 2014, helping increase the pace of a broader pick-up in private sector business activity that entered its fifth month, a survey showed on Tuesday.
Data compiler Markit said that its preliminary composite purchasing managers index - covering manufacturing and the dominant services sector - rose to 53.4, well clear of the 50 mark that separates contraction and expansion.
In manufacturing, the PMI reading of 50.5 was the first above 50 since April 2014.
In services, the June PMI reading came in at 54.1, the best since July 2011, versus a final May reading of 52.8. Preliminary or "flash" readings are revisited for a final reading a few days after the initial publication, based on monthly soundings.
New business expanded healthily and business expectations soared higher into the 60s, according to readings for those aspects of activity in services, which remained the main driver of the overall pickup.