French factory upturn slows in Oct, jobs stabilise-PMI

Published 11/02/2010, 04:50 AM
Updated 11/02/2010, 04:52 AM

* Factory PMI slips in October

* New orders grow, factory output slows

* Employment stabilises after 29-month contraction

PARIS, Nov 2 (Reuters) - France's factory upturn moderated in October as output slowed to a 14-month low, but robust new order growth and a stabilisation in jobs suggested the sector's recovery was broadly on track, a survey showed on Tuesday.

The Markit/CDAF final purchasing manager's index (PMI) for the factory sector fell to 55.2 in October from 56.0 in September, in line with an earlier flash estimate.

The output index dipped to its lowest level since August 2009 at 55.2, versus 58.0 in September, as manufacturers liquidated their inventories at the fastest rate in eight months.

But rosier data on unemployment and new orders offset the slowdown in factory output, Markit said.

The index of manufacturing jobs rose to 50.0, marking the stabilisation of headcount levels after 29 consecutive months of contraction, while new orders rose to their highest level since April..

"PMI data signal a further robust expansion of the French manufacturing sector in October," Jack Kennedy, an economist at Markit, said in a statement.

While the manufacturing sector's recovery lost steam in October, a boost in new orders from domestic and foreign buyers hinted the slowdown was only a blip as French firms switch to more efficient production techniques, he said.

"Furthermore, a stabilisation of employment... suggests that firms are becoming more confident in the sustainability of the upturn," Kennedy added.

With trading partners in Europe, Asia and the United States in better shape, a larger portion of new orders came from abroad, Markit said. Export orders accelerated to a four-month high, extending an expansion period to 16 months.

Data published this week showed French consumers regaining confidence in September, as spending on manufactured goods rose 1.5 percent compared to August, fuelled by a jump in car purchases.

Consumer confidence also rose last month, driven partly by a slight improvement in the labour market. Though job creation was sluggish in September, French Economy Minister Christine Lagarde said the recovery picture was intact.

Overall, October's PMI data offered upbeat signals for the French manufacturing sector, with the promise of increased demand and an improving view for jobs. (Reporting by Nick Vinocur; Editing by Toby Chopra)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.