PARIS (Reuters) – The activity of the private sector in France improved unexpectedly in August, according to a survey of purchasing directors which shows signs of stabilization in the second economy of the euro zone after an extended period of contraction.
The HCOB PMI HCOB index compiled by S&P Global for the Service sector reached 49.7 in August, a higher year, and close to the 50 threshold which separates a contraction of activity growth.
The economists interviewed by Reuters tapped on a 48.5 index, stable compared to July.
The PMI index for the manufacturing sector increased at 49.9 – a higher of 31 months – compared to 48.2 in July and 48.0 expected by economists.
The composite PMI, which brings together the manufacturing and services sector, reached 49.8 in August after 48.6 in July and well beyond the forecast of 48.5.
“Manufacturing sectors and services have both experienced less pronounced contractions, which could be interpreted with cautious optimism as an early stabilization sign,” said Jonas Feldhusen, economist at the commercial bank hamburg.
(Written by Benoit Van Overstraeten, Blandine Hénault, edited by Augustin Turpin)
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