Preliminary Aug services PMI 55.0 vs 50.1 in July (Il Sole 24 Ore Radiocor) - London, 22 Aug - In August, France's purchasing managers' index for the manufacturing sector fell to an eight-month low of 42.1 from 44.0 while that of the services sector soared to a 27-month high of 55.0 from 50.1 the earlier month, according to preliminary data released by S&P Global and the Hamburg Commercial Bank (HBOC).

The manufacturing output index fell to a seven-month low of 42.1, down from 44.9 in July, while the composite output index, a weighted average of manufacturing output and services PMI, was at a 17-month high of 52.7 against 49.1 the earlier month.

A reading above 50 signals expanding sector activity while one below a contraction.

'The French economy will likely grow 0.5% in the third quarter," said Norman Liebke, economist at Hamburg Commerial Bank. "The HCOB France Flash PMI for August indicates an improvement in economic conditions, with the Composite PMI jumping over three index points to 52.7. This can be tracked back exclusively to the service sector, with the business activity index rising almost five points. It should be emphasized that August is likely an outlier due to the Olympic Games. However, the manufacturing sector continues to struggle, with production declining even more sharply than in July.".

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(RADIOCOR) 22-08-24 09:32:05 (0187) 5 NNNN