France: a PMI to its highest since January 2008
The flash composite PMI index, which integrates the services and industry, has reached the highest since January 2008 to 58.4 against 54.8 in September, said Markit Economics (preliminary). This strong growth away permanently index the 50-point threshold above which economic activity is expanding.
The manufacturing index rose to 55.3 against 53 in September, its highest level since November 2006. The services index gained 4.6 points to 57.8, its highest level since February 2008. These publications are above analysts' expectations.
"France has a real resurgence of growth that seems fairly well distributed between industry and services, businesses and consumers," judge Chris Williamson, economist at Markit Economics. "We are at a level consistent with GDP growth of around 0.6% quarterly," says he.
Note that employment records its 17th consecutive month of declines.
The monthly survey of Markit and Company executives and buyers from France (FASC) is made from 750 companies in industries and services. The final indices will be published November 2 for industry and 4 services and the composite.