Preliminary April services PMI 50.5 vs 48.3 in March (Il Sole 24 Ore Radiocor) - London , 23 Apr - France's purchasing managers' index for the manufacturing sector in April fell to a three-month low of 44.9 from 46.2 in March, while that for the services sector increased to an 11-month high of 50.5, up from 48.3 in March, according to preliminary data released by S&P Global and the Hamburg Commercial Bank.

The manufacturing PMI output index fell to 46.8 from 48.2 in March, a three-month low.

The composite PMI output index, a weighted average of manufacturing output and services PMI, was at an 11-month high of 49.9 against 48.3 the earlier month.

A reading below 50 signals contracting sector activity, while one above an expansion.

"The French economy is back on track," said Norman Liebke, economist at Hamburg Commercial Bank. "The Composite Flash PMI reached its highest level in 11 months, with 49.9 index points taking it almost out of the contraction zone. The only reason for that surprisingly robust figure is the expansion of the services sector, which experienced an increase in demand for the first time since April 2023. The manufacturing sector stays put in decline due to a deceleration of activity. Overall, our HCOB nowcast model for the second quarter points to a recovery of the French economy, driven by the services sector.".

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(RADIOCOR) 23-04-24 09:39:26 (0241) 5 NNNN