FX.co ★ French Factory Growth Stalls as HCOB Manufacturing PMI Slips to 50.0 in July

France’s manufacturing sector saw momentum stall in July, as the HCOB France Manufacturing Purchasing Managers’ Index (PMI) eased to 50.0 from 51.2 in June 2026.

The July 2026 reading, updated on 24 July 2026, marks a step down from the modest expansion recorded in June. A PMI of 50.0 sits exactly on the threshold that separates expansion from contraction in manufacturing activity, signaling that French factories, on aggregate, neither grew nor shrank over the month.

The loss of forward momentum may raise questions about the resilience of France’s industrial recovery in the second half of 2026, as manufacturers balance demand uncertainties with cost and capacity pressures. Investors and policymakers are likely to watch upcoming data closely for signs of whether this pause will prove temporary or the start of a weaker trend in factory output.