FX.co ★ France’s Manufacturing Momentum Cools as HCOB PMI Slips to 50.3 in September

France’s manufacturing sector lost some momentum in September, with the HCOB France Manufacturing PMI easing to 50.3 from 51.1 in August 2026, according to data updated on 23 September 2026.

While the indicator remains just above the 50.0 threshold that separates expansion from contraction, the decline suggests a slower pace of growth in factory activity heading into the autumn. The softening from August’s level points to more cautious conditions in the manufacturing sector, with output and demand likely growing at a more moderate rate.

The September reading keeps France’s manufacturing in expansionary territory, but the narrow margin above 50.0 underscores increased vulnerability to any further cooling in domestic or external demand in the months ahead.