September 24, 2022
According to S&P Global’s flash survey findings, France’s private sector growth unexpectedly increased in September due to the services industry.
After reaching a 17-month low of 50.4 in August, the composite production index increased to 51.2 in September. Forecasts called for the reading to drop to 49.8. A score of greater than 50.0 denotes expansion.
The growth in September was solely driven by the service sector. The manufacturing industry’s tendency stood in sharp contrast to this.
From 51.2 the previous month, the flash services Purchasing Managers’ Index increased to 53.0. The predicted result was 50.5.
The manufacturing PMI, on the other hand, dropped from 50.6 a month earlier to a 28-month low of 47.8 in September. The score was expected to decline to 49.8 by economists.
According to Joe Hayes, a senior economist at S&P Global Market Intelligence, “given the significant degree of weakness we’re seeing in the manufacturing sector, it’s possible that we’ll see some of this flow over into services, so enhancing the danger of a recession in France.”
Source: RTTNews
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
