Europe/PMI: Surprise improvement in the composite index in France

PARIS, Sept 23 (Reuters) – The French economy performed better than expected in September as activity in the services sector picked up slightly, preliminary results from S&P Global’s monthly survey of managers showed on Friday. private sector purchases.

The composite PMI, which combines data on the services sector and that of the manufacturing industry, rose to 51.2 in the first estimate after 50.4 in August, while the Refinitiv consensus put it at 49.8 .

The only activity of services rose to 53 against 51.2 the previous month and a consensus of 50.5, thanks in particular to an increase in new orders.

Manufacturing activity, on the other hand, fell to 47.8, its lowest level since the start of the COVID-19 pandemic two years ago.

“The upward movement of the composite purchasing managers’ index should not obscure the message clearly observed throughout the survey: the French economy is in trouble,” said Joe Hayes, economist at S&P. (Reportage Tassilo Hummel; French version Claude Chendjou, edited by Kate Entringer)

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