Unexpected Downturn in French Business Activity as Heatwave Hits Services Sector

Deep News08-21

France's private sector activity unexpectedly weakened this month, as extreme summer temperatures weighed on the services industry. The S&P Global Composite Purchasing Managers' Index (PMI) slipped to 48.8 in August from 49.4 in July, marking the eighth consecutive month below the 50 threshold that separates growth from contraction. Analysts had forecast a modest uptick to 49.5.

The services sector underperformed expectations, with its PMI dropping to 48.4. In contrast, the manufacturing sector returned to expansion territory, while inflationary pressures in goods production continued to ease. The French economy has rebounded from its sluggish start to the year, recording 0.2% growth in the second quarter. Eurozone PMI data is scheduled for release later on Friday.

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