French April Industry Growth Cools as New Business Stagnates

French manufacturing and services growth cooled more than economists forecast this month as new business stagnated and employment fell.

A Purchasing Managers’ Index of factory activity dropped to 50.9 from 52.1 the previous month, Markit Economics said in London today. Economists had forecast a reading of 51.9, based on the median of 10 estimates in a Bloomberg News survey. A reading above 50 indicates expansion and the index breached that level in March for the first time in two years. The euro erased a gain against the dollar after the report.