FX.co ★ France Factory Growth Slows in September

The S&P Global France Manufacturing PMI slipped to 50.6 in September 2026 from 51.1 in August, though it remained above the preliminary estimate of 50.3. Factory output rose for a second consecutive month, but only marginally, as weak demand continued to restrain production. New orders fell for the fifth month in a row, although the rate of decline eased to its slowest in the current downturn, while export orders contracted for the ninth consecutive month. Purchasing activity and inventories were also reduced as firms moved to align stocks with incoming work and preserve cash flow. Employment edged down again following a brief period of job creation, and supplier delivery times lengthened markedly, reflecting shortages and disruptions linked to the war in the Middle East. At the same time, both input costs and output prices increased at a faster pace, the first acceleration since May, while business confidence remained fragile amid persistent inflation, higher interest rates, intensified foreign competition, and political uncertainty around the elections.