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Weakening Manufacturing Sentiment Reflects Muted Demand
FRANCE MAY MANUFACTURING SENTIMENT 99 (FCST 101); APR 101
- French manufacturing confidence dipped below the long-term average in May, weakening by two points to 99 against expectations of holding steady.
- This was the third consecutive month of deteriorating sentiment. Past production levels alongside weakening order books contributed to the decline, the latter highlighting that weak demand conditions prevail. Firms judged production outlooks to have worsened in May.
- Expected prices charged eased again substantially for the industry, dipping to below the long-term average. Lower raw material prices, easing supply chains and soft demand are underpinning lower prices charged, implying PPI will continue to decelerate.
- Despite the small May uptick, the French manufacturing PMI has signalled contraction for a year now. This, alongside faltering manufacturing confidence, means overall outlooks for the French manufacturing sector appear stagnant for now.
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