France Manufacturing PMI Revised Lower

France’s S&P Global Manufacturing PMI rose to 52.8 in April 2026 from 50 in March, defying market expectations of 49.5 and marking the highest level since May 2022, flash estimates showed. Manufacturing output rebounded strongly, reaching a 50-month high, as client precautionary stockpiling drove order intakes into expansion for the first time in nearly four years. Firms increased inventories of both pre- and post-production goods amid changes in procurement strategies due to the Middle East conflict. The survey indicated that customers brought forward purchases amid concerns over higher prices, supply shortages, and logistics issues. However, manufacturers continued to reduce headcount, contributing to a buildup in backlogs. Cost pressures also intensified, with input prices rising at the fastest pace since June 2022, while output price inflation accelerated to a 38-month high.

France’s S&P Global Manufacturing PMI slipped to 50.0 in March 2026 from 50.1 in February, revising lower from initial estimates of 50.2, signaling broadly stagnant conditions. Factory output fell for the first time in 2026, dragged down by weaker domestic and export demand, while new orders dropped at the fastest pace in five months amid cancellations and postponements. Suppliers’ delivery times lengthened sharply, the most since January 2023, reflecting Middle East–related logistics disruptions. Manufacturing employment declined marginally, and pre-production inventories fell for the first time in three months. On prices, input costs surged at the fastest rate since December 2022, driven by higher oil, electricity, metals, and chemicals. While output prices rose to a three-year high, they remained contained, trailing input cost increases by a wide margin. Lastly, business confidence eased to a five-month low.

The S&P Global France Manufacturing PMI inched up to 50.2 in March 2026 from 50.1 in February, staying just above the 50 no-change threshold and beating forecasts of a contraction to 49.5, according to preliminary estimates. Despite this, output fell, marking the first decline of the year, while new orders weakened further. This comes as overall demand contracted at the sharpest pace since July 2025, reflecting subdued domestic conditions and a notable drop in exports amid geopolitical uncertainty. Employment also edged lower as firms remained cautious in hiring. Supply-side pressures intensified, with delivery times lengthening to their greatest extent in over three years due to disruptions linked to the Middle East conflict. On price, input cost inflation accelerated to its highest level since November 2023, driven by rising energy and raw material prices, while output prices increased at a faster pace. Lastly, business confidence weakened.