France Private Sector Growth Moderates In July

France's private sector remained strong in July but the pace of expansion moderated from June, flash survey results from IHS Markit showed on Friday.

The flash composite output index dropped unexpectedly to 56.8 from 57.4 in June. The score was forecast to rise to 58.5. Nonetheless, a reading above 50.0 suggests expansion in the sector.

Service sector output growth continued to surpass that seen in the manufacturing sector amid looser lockdown restrictions.

The manufacturing Purchasing Managers' Index fell more-than-expected to 58.1 from 59.0 in June. The expected score was 58.4.

The flash services PMI came in at 57.0, down from 57.8 in June and the forecast of 58.7.

"It's perhaps slightly disappointing to see the headline composite output figure dip slightly in July, but as the French economy normalises to a state of looser lockdown restrictions, it is not so much of a surprise," Joe Hayes, a senior economist at IHS Markit said.

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