French services sector expands faster in May: PMI

[PARIS] France's services sector expanded at the fastest rate in three months in May, with business expectations and new business both at their highest levels in more than three years, a survey showed on Wednesday.

Markit's final Purchasing Managers Index for the services sector stood at 52.8 in May, the second-highest reading since August 2011.

The sector has been growing for four straight months according to Markit, adding to signs that the euro zone's second-biggest economy is lifting itself out of stagnation.

"May's PMI data signal positive news on the health of the French service sector, with activity growth picking up pace," Markit economist Jack Kennedy said.

The final composite PMI indicator covering both manufacturing and services stood at 52.0 in May, up from 51.0 in a preliminary reading and 50.6 in April. That was the highest reading in three months.

REUTERS