(Bloomberg) -- French services expanded at the fastest pace in more than two years, driving Europe’s second-biggest economy as visitors from around the world...
-- French services expanded at the fastest pace in more than two years, driving Europe’s second-biggest economy as visitors from around the world flocked to Paris for the Olympic Games.S&P Global’s Purchasing Managers’ Index for the sector surged to 55 in August from 50.1 in July, far above the 50 threshold that divides growth from contraction and the median estimate of 50.3 in a Bloomberg survey.
Business expectations and employment growth in services are easing, while backlogs of work have been shrinking for most of the last year. Across the private sector orders are declining, and what’s worse, output prices rose at the fastest pace since the start of 2024. The report adds to evidence that the country’s recovery has fizzled out. Gross domestic product unexpectedly contracted by 0.1% in the second quarter, and analysts polled by Bloomberg predict barely any expansion at all over the whole of 2024.
“It appears that uncertainty around economic policy has put a damper on consumer spending, while the global manufacturing upswing turned sour before German companies could feel the boost,” he said. “The odds of a second straight quarter of negative growth have gone up, meaning we might be back to talking about a recession in Germany soon.”
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