France Manufacturing Expands Less Than Expected

The S&P Global France Manufacturing PMI fell to 50.3 in September 2026 from 51.1 in August, marking a second consecutive month of expansion albeit at a softer pace, preliminary estimates showed. The reading also came below market expectations of 50.9, as the manufacturing output index declined to 50.2 from 50.7, indicating only marginal growth in production.

The S&P Global France Manufacturing PMI rose to 51.1 in August 2026 from 51.5 in the preliminary estimate and 49.8 in July, signaling renewed growth in factory activity. Production increased for the first time since April, driven entirely by intermediate goods producers, while output among consumer and capital goods makers contracted. Meanwhile, new orders fell for a fourth consecutive month amid weak export demand, while purchasing activity declined at the fastest pace since June 2025. Manufacturers also cut inventories more sharply as supply-chain pressures intensified, with supplier delivery times lengthening further. Employment rose at the fastest rate in a year, even as backlogs of work declined at the quickest pace in a year and a half. Inflationary pressures continued to ease, with input costs and output charges rising at their slowest rates since February. Business sentiment also weakened, with expectations for future output turning pessimistic for the first time in ten months.

The S&P Global France Manufacturing PMI rose to 51.5 in August 2026 from 49.8 in July, according to preliminary data, beating market expectations of 50. This marked the first expansion in the manufacturing sector since April. Production increased for the first time since April’s stockpiling-driven surge, suggesting greater stability in the goods-producing economy amid easing price pressures, with both input and output price inflation moderating. Manufacturers also increased hiring at the fastest pace in a year, helping firms clear backlogs more quickly than in July.