Financial News: French Manufacturing Confidence Improves To 99

French Manufacturing Confidence Improves To 99

08/23/2024 - 04:20:00 (RTTNews)

(RTTNews) - The confidence among French manufacturers strengthened more than expected in August, monthly data from the statistical office INSEE revealed Friday.

The manufacturing sentiment index climbed to 99 in August from June's 43-month low of 95. However, the reading is still below its long-term average of 100. Economists had expected confidence to increase slightly to 96.

The latest resurgence in August was mainly due to the rebound of personal production expectations and an improvement in foreign orders, the survey said.

The index measuring personal production expectations rose to 8.0 in August from -5 in the previous month. Meanwhile, producers' past production situation worsened to -14 from -6 in July.

The index measuring overall order books increased somewhat to -16 from -20.

The survey showed that general production expectations were less negative in August, with the relevant index rising to -13 from -18 a month ago.

The sub-index for the expected trend in selling prices in the next three months decreased to 2 in August from 7 in the previous month.

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 improved to 96 in August from 94 a month ago. This improvement was mainly due to the increase in the balances related to the ordering intentions and to the general business outlook.

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