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FR: PMI Manufacturing Final
| Consensus | Consensus Range | Actual | Previous | |
| Index | 50.3 | 50.3 to 50.3 | 50.6 | 51.1 |
Highlights
France's manufacturing purchasing managers' index fell to 50.6 in September from 51.1 in August, remaining above the 50.0 mark that separates growth from contraction for a second consecutive month. The reading was above the Econoday median forecast of 50.3.
Factory production increased for a second consecutive month, the first back-to-back expansions since the first two months of 2026. The increase was marginal, with some survey respondents citing falling demand as a drag on output.
New orders declined for a fifth consecutive month, with firms frequently citing customer hesitancy. The pace of decline slowed, however, and was the softest of the current downturn.
New export orders fell for the ninth month in a row, although the reduction slowed to a marginal pace.
Stocks of both purchases and finished goods decreased, reflecting efforts to protect cash flow and align holdings with order books. Purchasing activity was reduced again, in line with the trend since May.
Backlogs of work declined modestly.
Employment fell marginally after a brief period of net job gains, with respondents citing resignations and the non-renewal of temporary contracts.
Supplier delivery times lengthened substantially, with shortages and the war in the Middle East reportedly causing delays.
Input cost and output price inflation both accelerated in September, the first time since May that both rates quickened, although the respective indexes remained below their 2026 highs.
Business confidence remained fragile, with manufacturers slightly pessimistic overall about the next 12 months. Respondents cited uncertainty ahead of next year's election period, higher interest rates, inflation and international competition as concerns.
Market Consensus Before Announcement
No revision expected from the flash at 50.3.