Financial News: French Manufacturing Sentiment Weakest Since Late 2020

French Manufacturing Sentiment Weakest Since Late 2020

07/25/2024 - 08:01:00 (RTTNews)

(RTTNews) - Amid political uncertainty, France's manufacturing confidence weakened to the lowest since late 2020 largely due to weaker general and personal production expectations, survey data released by the statistical office INSEE showed on Thursday.

The business climate index in manufacturing declined to 95 in July from 99 in June. This was the lowest reading since December 2020.

The survey showed that the balance of opinion on the level of the foreign order books and balances on past and future production degraded in July. The overall order books balance posted -20 compared to -18 a month ago.

At the same time, the decline in foreign order book balance doubled to -18 from -9.

The balance of opinion on the evolution of the production over the last three months diminished quite more softly. The past production index fell to -5 in July from -2 in June. Personal production expectations over the coming three months decreased since April and reached its lowest since July 2023. The corresponding index posted -5 compared to +2 a month ago.

General prospects of production also declined sharply to the lowest since November 2020. The indicator slid to -18 from -12.

Concerning the workforce size, the balance of opinion on their past change increased to 2 from zero again while the one on their future change slightly diminished to +2 from +3. Both were well above their average.

The balance of opinion related to the expected trend in selling prices over the next three months improved again in July, to 7 from 4 in June.

Finally, the survey showed that the economic uncertainty felt by the business leaders has reduced. The corresponding indicator slid to 24 from 30.

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