Investing.com - Growth in the French private sector accelerated in November, bolstering the economic outlook for the euro zone’s second largest economy according to data released on Thursday.
The preliminary reading of the Markit services purchasing managers’ index came in at 60.2 this month from 57.3 in October. It was a 78-month high. Economists had forecast a reading of 57.0.
The manufacturing PMI increased to 57.5, compared to expectations for 55.9 and from 56.1 a month earlier. It was the highest level in 79 months.
The composite output index, which measures the combined output of both the manufacturing and service sectors rose to 60.1 from 57.4, beating expectations for 57.2. It was also a 78 month high.
The rate of jobs growth was the fastest in 16-and-a-half years as strong client demand saw firms step up hiring.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
“The party goes on for the French private sector economy, with the headline flash composite output PMI hitting a six-and-a-half year high in November buoyed by a strong demand environment," Alex Gill economist at survey compiler Markit said.