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Financial News: French Manufacturing Confidence Weakens As Expected

French Manufacturing Confidence Weakens As Expected

07/21/2022 - 04:51:00 (RTTNews)

(RTTNews) - Confidence among the French manufacturers decreased as expected in July, as they were less confident about past changes in production and order books, survey data from the statistical office INSEE showed on Thursday.

The business climate index for the manufacturing sector fell to 106 in July from 108 in June. That was in line with economists' forecast.

The past production index weakened notably to 10 in July from 16 in June, while the index measuring manufacturers' general production outlook for the near term remained stable at -5.

The index for global order books worsened to -4 from -1, and that on foreign order books also dropped from -2 to -4.

However, manufacturers' view regarding personal production expectations over the next three months improved somewhat in July, with the corresponding index rising to 11 from 9.

The indicator representing manufacturers' opinion on the expected trend in selling prices declined sharply to its lowest level since January 2022, though it remained high overall. The relevant index stood at 35 versus 53 in June.

The overall business confidence index that comprises the responses of business leaders from sectors, namely, manufacturing, construction, services, retail trade and wholesale trade, weakened slightly to 103 in July from 104 in June.

Morale worsened in services and building construction, while it remained stable in the retail and wholesale trade segments.

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