(RTTNews) - French manufacturing purchasing managers index or PMIdropped to a three month low of 56.2 in May from 56.6 in the previous month, a flash report by the Markit Economics showed on Friday. Economists expected a reading of 56.7. A PMI reading above 50 indicates expansion, while a level below 50 signals contraction.
Similarly, the manufacturing output index fell to 57.4 in May from 59.2 in the preceding month. This was the weakest reading in three months.
However, the services activity index increased to 61.9 in May from 59.2 in April. The index climbed to a 45-month high in May. At the same time, the composite output index stood at 60.5, up from 59.2 in the previous month. This was the highest level since August 2006.
Paul Smith, senior economist at Markit said, "Latest flash data also indicated that there was a return to employment growth. With backlogs data indicating that capacity remains under pressure, payrolls could be further added to over the coming months."
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