Sept 1 (Reuters) – France’s manufacturing sector grew in August, albeit slightly less than initially forecast, a survey by S&P Global showed on Tuesday.
• The S&P Global France Manufacturing Purchasing Managers’ Index rose to 51.1 in August from 49.8 in July.
• Any figure above 50 points shows expansion in activity, while below 50 shows a contraction.
• However, the final August reading of 51.1 points was weaker than the flash August PMI figure of 51.5 points.
• S&P Global said manufacturing output volumes had increased for the first time since April, although inflows of new orders fell.
• “On the surface, it’s a much better PMI report for France’s manufacturing sector, but it’s difficult to draw much optimism from these figures as the data reveal still-weak demand, falling business confidence and more aggressive destocking,” said Joe Hayes, senior principal economist at S&P Global Market Intelligence.
• “This makes August’s renewed output expansion an unconvincing one,” added Hayes.
(Reporting by Sudip Kar-Gupta; Editing by Hugh Lawson)
