FX.co ★ France’s Manufacturing Momentum Slips as HCOB PMI Falls Back Below Growth Line in October

France’s factory sector lost steam in October, as the HCOB France Manufacturing Purchasing Managers’ Index (PMI) slipped back below the key growth threshold. The index fell to 49.3 in October 2026, down from 50.6 in September 2026, according to data updated on 23 October 2026.

September’s reading at 50.6 had signaled a tentative return to expansion for French manufacturing, with the PMI standing just above the neutral 50.0 mark that separates growth from contraction. The latest October figure of 49.3, however, indicates a renewed downturn in activity, pointing to softer output and potentially weaker new orders in the sector.

The retreat suggests that the manufacturing recovery in France remains fragile, with momentum proving difficult to sustain. Investors and policymakers will be watching upcoming data closely to assess whether October’s dip marks a brief pause or the start of a more persistent slowdown in industrial activity.