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Financial News: French Manufacturing Confidence Weakens In May

French Manufacturing Confidence Weakens In May

05/24/2024 - 04:02:00 (RTTNews)

(RTTNews) - The confidence among French manufacturers worsened unexpectedly in May and returned to below its long-term average, monthly data from the statistical office INSEE revealed Friday.

The manufacturing sentiment index dropped to 99.0 in May from 100.0 in the previous month. Meanwhile, economists had expected confidence to remain stable at 100.0.

In addition, the index has gone back to its long-term average of 100.0. The latest score was the weakest in four months.

The decline in May was largely attributed to the degradation of the balances of opinion associated with the evolution of production, both past and future, the agency said.

The index measuring personal production expectations declined notably to 1.0 in May from 8.0 in the previous month. Producers' past production situation also worsened to -2.0 from +1.0 in April.

The index measuring overall order books improved somewhat to -17 from -19.

The survey showed that general production expectations were more negative in May, with the relevant index rising to -9 from -7 in March.

The sub-index for the expected trend in selling prices in the next three months decreased to -1 in May from 3 in the previous month.

The overallĀ businessĀ confidence index, which comprises the responses of business leaders from sectors such as manufacturing, construction, services, retail trade, and wholesale trade, remained stable at 99.0 in May.

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