Financial News: France Manufacturing Confidence Falls To 99, Lowest In

France Manufacturing Confidence Falls To 99, Lowest In 26 Months

05/25/2023 - 07:03:00 (RTTNews)

(RTTNews) - French manufacturers' confidence decreased further in May to reach its lowest level in more than two years as the trend in past production and the level of overall order books worsened, survey results from the statistical office Insee showed on Thursday.

The manufacturing confidence index dropped to 99 in May from 101 in the previous month. Meanwhile, the score was expected to remain stable at 101.

Further, the latest score was the lowest since March 2021 and stayed below its long term average of 100.

The sub-index measuring manufacturers' views towards past production fell sharply to 1 in May from 9 in April, and the overall order book balance weakened to -21 from -17.

General production expectations continued to stay negative in April, with the corresponding index falling to -10 from -4, while personal production expectations of manufacturers declined marginally to 4 from 5.

The finished-goods inventory balance worsened after a rebound in the prior month, with the corresponding index falling by 8 points to 14.

The index for the expected trend in selling prices in the next three months continued to decline markedly in May. The respective index fell to 3 from 13.

The overall business confidence index, which comprises the responses of business leaders from sectors such as manufacturing, construction, services, retail trade, and wholesale trade, also weakened to 100 in May from 102 in April. Moreover, this was the weakest reading since April 12.

All the main market sectors contributed to this deterioration in May, the survey said.

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