French business activity has lost more momentum than expected in August, a survey showed on Friday, as firms worked off backlogs of work built-up during a coronavirus lockdown.
Data compiler IHS Markit said its preliminary purchasing managers index fell to 51.7 points from 57.3 in July - far below the average forecast for 57.2 in a Reuters poll of economists.
The dominant service sector saw its PMI reading for August fall to 51.9 points from 57.3 in July - below a forecast for a reading of 56.3 points. French business activity had surged after the euro zone’s second-biggest economy emerged in May from one of the strictest lockdowns in Europe as firms responded to pent-up client demand.
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