France November final manufacturing PMI 48.3 vs 49.1 prelim

The downturn in the French manufacturing sector eased slightly, with output and new orders both falling again - though to a weaker extent. Much like the Spanish and Italian reports, cost inflation was seen falling but prices remain at elevated levels still. S&P Global notes that:

"The good news from the latest France Manufacturing PMI survey is that the downturn hasn't gotten any worse and it looks like we're now on the downward path for 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. The bad news is that output and new orders are still falling at pretty hefty rates, and comments from our survey panel suggest that underlying demand conditions are very weak.

"Other survey indicators suggest that companies are prepared for things to remain difficult for an extended period. They're buying less inputs and are downwardly adjusting inventories. These are both major headwinds to production and raise the likelihood that we're going to continue seeing weak output readings in the PMI survey.

"Reinforcing this was also the business sentiment data, which was at its most pessimistic since the start of the COVID-19 pandemic in the first half of 2020. "The downward trend in price indicators does however provide hope that pipeline inflationary pressures are coming down, which should hopefully feed through to other parts of the economy."