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France PMI June 2024

France: Manufacturing PMI falls in June

The HCOB France Manufacturing Purchasing Managers’ Index (PMI) fell to 45.4 in June from 46.4 in May. As a result, the index moved further below the 50.0 no-change threshold, and signaled a faster deterioration in manufacturing-sector operating conditions compared to the previous month.

The downturn was primarily driven by a faster decrease in new orders, which significantly impacted production volumes, purchasing activity, employment, and stocks of inputs. This broad-based decline in new orders—the first since January—was noted across all main industrial categories. Factory production volumes were reportedly weighed on by lower sales to the automotive sector, while June marked the thirteenth consecutive month of job cuts, most notably in the intermediate and investment goods segments.

Price pressures in the French manufacturing sector intensified in June, with output charge inflation reaching a 15-month high. This was due to various raw materials increasing in price, leading to an accelerated rate of input price inflation.

Despite these challenges, French manufacturers’ business sentiment remained positive. However, the level of optimism has slightly decreased from May and is weaker than the long-term average.

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