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France Manufacturing Sentiment Lowest Since Dec 2020

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France Manufacturing Sentiment disappointed printing at 95 in July (vs consensus and prior of 99), the lowest since December 2020.

  • It deviated significantly from its long term average of 100 and remains below the pre-covid (2014-19) average of 103.7.
  • Of particular note, 'Personal Production expectations' subcomponent fell over 3 points to -5.4 - the lowest since July 2023, and the 'Demand and export order books' subcomponent deteriorated to -18.5 (vs -8.6 prior) - the lowest since May 2021. Similarly, the subcomponent 'General Production Expectations decreased to -18 from -11.6 in June, and therefore remained at the lowest levels since November 2020.
  • This suggests a continued weakness in the manufacturing sector of France's economy as reflected in the France Flash Manufacturing PMI reading for July which fell to 44.1 - the lowest since January 2024.
  • The graph below shows that the France services sentiment indicator released by Insee also fell in July to the lowest since 2021, and moves below the pre-covid average of 100.5 (2014-2019).
  • Responses for this survey were collected between June 27 and July 22.
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France Manufacturing Sentiment disappointed printing at 95 in July (vs consensus and prior of 99), the lowest since December 2020.

  • It deviated significantly from its long term average of 100 and remains below the pre-covid (2014-19) average of 103.7.
  • Of particular note, 'Personal Production expectations' subcomponent fell over 3 points to -5.4 - the lowest since July 2023, and the 'Demand and export order books' subcomponent deteriorated to -18.5 (vs -8.6 prior) - the lowest since May 2021. Similarly, the subcomponent 'General Production Expectations decreased to -18 from -11.6 in June, and therefore remained at the lowest levels since November 2020.
  • This suggests a continued weakness in the manufacturing sector of France's economy as reflected in the France Flash Manufacturing PMI reading for July which fell to 44.1 - the lowest since January 2024.
  • The graph below shows that the France services sentiment indicator released by Insee also fell in July to the lowest since 2021, and moves below the pre-covid average of 100.5 (2014-2019).
  • Responses for this survey were collected between June 27 and July 22.