Investing.com - French private sector activity accelerated in August, thanks to stronger expansions in both the services and manufacturing sectors, according to survey data released on Thursday.
The preliminary reading of the Markit services purchasing managers’ index rose to a two month high of 55.7 from 54.9 in July. Economists had forecast a reading of 55.1.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
The manufacturing PMI rose to a three month high of 53.7 from 53.3 a month earlier, against expectations for 53.5.
The composite output index, which measures the combined output of both the manufacturing and service sectors, rose to 55.1 from 54.4. It was the highest reading in four months. Economists had expected the composite index to tick up to 54.6.
“Output growth across the French private sector ticked up to a four-month high in August, with both the service and manufacturing sectors seeing stronger expansions,” said Sam Teague, economist at survey compiler Markit.
“Robust domestic client demand, alongside a renewed upturn in exports provided stimulus for the latest acceleration in growth.”