France June final manufacturing PMI 51.4 vs 51.0 prelim

A slight revision higher but it doesn't take away from the decline in activity last month, with new orders falling at the strongest rate since November 2020. Adding to that is the drop in business confidence to the lowest level in over two years. S&P Global notes that:

"With growth having slowed to a crawl for the most part since late last year, June survey data showed the French manufacturing sector slipping into contraction territory as output levels fell.

"Supply issues, as well as the disruption caused by the war in Ukraine, have been negative factors for a while now, but it appears that the high inflationary environment has finally bit down on demand for goods as new orders fell at the quickest rate since November 2020.

"Businesses are now becoming concerned about the outlook. Manufacturing sector confidence slid to its lowest level since May 2020.

"Given the persistently high rates of inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term across Europe, softness in demand is likely to continue as businesses and households continue to belt-tighten. The harsh slowdown trend in the manufacturing sector serves as an ominous bellwether for what could be in store for the services economy as customers become resistant to price hikes."