PARIS (Reuters) – French economic activity rose in February for the first time since October as inflationary pressures eased and the labor market strengthened, according to “flash” survey results. monthly report from S&P Global to purchasing managers.
S&P Global’s flash composite PMI rose to 51.6 this month from 49.1 in January, beating the consensus forecast at 49.9 and the 50 threshold that separates a contraction from a business growth.
This is a seven-month high and the first time the index has returned above 50 since October.
For the services sector alone, whose weight is very important in the French economy, the PMI index rebounded to 52.8 in February against 49.4 in January.
On the other hand, the PMI index of the manufacturing sector deteriorated to 47.9 against 50.5 in January and below the forecast of 50.8.
“On the face of it, the February PMI ‘flash’ survey results for France are positive and show the economy is in growth territory for the first time since October 2022,” said S&P economist Joe Hayes. Global Market Intelligence.
“However, it is difficult to say with certainty that we are at an inflection point and that the French economy is now on the road to recovery,” he adds.
“The slowdown in the manufacturing sector intensified in February, and demand conditions in this sector are clearly still fragile.”
(Sudip Kar-Gupta report, Blandine Hénault for the , edited by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
