France PMI

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France: Composite PMI rises in August, points to stabilization

August 21, 2014

The composite Markit Purchasing Managers’ Index (PMI) climbed from 49.4 in July to 50.0 in August. The reading marked the highest level in four months. As a result, the PMI touched the 50-threshold that separates expansion from contraction in business conditions, signaling stabilization in the private sector’s output growth.

According to Markit, August’s result ended three months of contraction, but, “divergent trends remained apparent at the sector level.” Accordingly, the increase in the composite PMI—a weighted average of the Manufacturing PMI and the Services PMI— was driven by a further improvement in services, while the manufacturing sector deteriorated over the previous month. Markit concluded that, “modest expansion in France’s dominant service sector masked ongoing weakness in manufacturing during August.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 0.3% in 2014, which is down 0.2 percentage points from the previous month’s estimate. For 2015, the panel expects fixed investment to increase 1.8%.


Author:, Senior Economist

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France PMI August 2014

Note: Markit Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: Markit.


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