Activity in the French manufacturing sector decreased at a slower rate in June, data from a survey by Markit Economics and HSBC Bank showed Thursday.
The seasonally adjusted purchasing managers; index (PMI) for the manufacturing sector came in at a two-month high of 45.3 in June, up from 44.7 recorded in May. Economists were looking for a reading of 44.5. A PMI reading below 50 indicates contraction in the sector, while one above suggests growth.
Output in the manufacturing sector decreased at a slower rate in June, with the relevant index rising to a two-month high of 45.2 from the previous month's reading of 43.6. New business received by French manufacturers also decreased at a slower rate during the month.
Manufacturers reduced their workforces at a steeper rates during the month, as workloads reduced. Input prices decreased for the first time in six months, and the rate of fall was the sharpest since August 2009.
The relevant indicator for the service sector rose to a three month-high of 47.3 in June from 45.1 in May. Economists expected the index to remain unchanged.
The composite output index, which measures activity in both the manufacturing sector and the service sector, rose to a three-month high of 46.7 in June from 44.6 in May, data showed.
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