French industrial confidence improves less than expected in June
French industrial confidence rose in June from depths plumbed during the country's coronavirus lockdown although not by as much as expected, a monthly survey showed on Wednesday.
The INSEE official stats agency said its index of industrial morale rose to 77 this month from 71 in May, when France began emerging from a nationwide lockdown that had closed shops, restaurants and factories.
While up from the record low of 68 hit in April, the result remained well below pre-crisis levels around 101.
It also fell short of expectations for a reading of 80 on average with forecasts ranging from 74 to 86 in a Reuters poll of 16 economists.
The government put the euro zone's second-biggest economy under one of the most stringent lockdowns in Europe in mid-March to contain the outbreak but began lifting restrictions on May 11.
INSEE's overall business climate indicator for June climbed the most ever in a single month to 78 from 60 in May while the indicator for the service sector rose to 77 from 52.
The improvements were less dramatic than that flagged by another survey, the purchasing managers index from IHS Markit. It suggested on Tuesday that the French business sector had unexpectedly bounced back into growth in June after three months of contraction.
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