French manufacturing confidence surges unexpectedly

Confidence in France’s manufacturing sector surged unexpectedly in September on a sharp improvement in business leaders’ production outlook.

The monthly indicator of manufacturing confidence rose to 103 in September from 101 in August, statistics agency Insee said Thursday. The long-term average for the indicator is 100. Economists polled by The Wall Street Journal had expected the September’s confidence reading to remain at the same level as August.

Output expectations of business leaders for their own companies and the manufacturing sector as a whole both jumped in September, Insee’s survey showed. Their assessment of recent production levels and order books also improved.

A wider measure of business confidence–which includes services, retail, construction and wholesale–rose only one point to 102 from 101. The indicator was weighed by weaker confidence in wholesale and retail.

Source: MarketWatch