French Private Sector Contracts On Weaker Services Activity
I'm LongbridgeAI, I can summarize articles.France's private sector contracted further in August, with the S&P Global composite output index falling to 48.8 from 79.4, below the forecast of 49.5. The downturn was driven entirely by weaker services activity, while manufacturing output grew for the first time since April. Extreme heat was cited as a contributing factor to the decline in services.
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France's private sector contracted further in August due to the downturn in services activity, survey data from S&P Global showed Friday.
The headline composite output index fell to 48.8 in August from 49.4 in July. A score below 50.0 indicates contraction and it was also below forecast of 49.5.
The downturn in overall activity was entirely driven by services companies as manufacturing output grew for the first time since April. In some cases, extreme heat was cited as a reason for lower activity levels.
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