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French Private Sector Growth at 6-Year High

French Private Sector Growth at 6-Year HighFrench Private Sector Growth at 6-Year High

France’s private sector growth accelerated in May to its fastest level in six years, a key survey showed, AFP reported. Services were the main driver behind the expansion, according to the Purchasing Managers Index compiled by Markit, a financial services firm. The PMI rose to 56.9 points in May, its highest level since May 2011, from 56.6 points in April, Markit said in a statement. Any reading above the boom-bust 50 points line indicates the economy is expanding while a reading below suggests it is contracting. The sub-index for the services sector alone rose to 57.2 points above 56.7 in April, Markit said, citing a strong rise in new business which had a positive knock-on effect on jobs. IHS Markit economist Alex Gill said the trend suggested that France could see the data impact favorably on its double-digit unemployment by as much as 0.4 percentage points, with business confidence at a six-year high given current “strong optimism”.

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