根据初步估计，HCOB法国制造业采购经理人指数从6月的48.1微升至2025年7月的48.4，略低于48.5的预测。该指数仍低于50的阈值，表明该行业持续收缩。产出略有改善，但总体状况仍然脆弱，新订单以2月以来最快的速度下降，主要是由于出口需求疲软。尽管环境低迷，但工厂就业人数仍有所上升，这是两年半以来最强劲的增长速度，因为一些公司引进了固定期限员工。在价格方面，在最近的下跌之后，出厂成本有所上升，这略微缓解了压力，并帮助企业恢复了一些损失的利润率。展望未来，由于对预算紧缩、销售前景疲软和持续的政治不确定性的担忧日益加剧，商业信心急剧下降至2024年11月以来的最低水平。由于国内紧缩措施和全球贸易紧张局势，风险也仍然很高。
The HCOB France Manufacturing PMI edged up to 48.4 in July 2025 from 48.1 in June, slightly below forecasts of 48.5, according to preliminary estimates. The reading remained below the 50 threshold, indicating continued contraction in the sector. Output showed a modest improvement, yet overall conditions remained fragile as new orders fell at the fastest pace since February, largely due to weakening export demand. Despite the subdued environment, factory employment rose, the strongest pace in two-and-a-half years—as some firms brought in fixed-term staff. On prices, factory gate costs ticked up following recent declines, offering slight relief and helping firms recover some of their lost margins. Looking ahead, business confidence dropped sharply to its lowest level since November 2024, amid mounting concerns over tighter budgets, a weaker sales outlook, and ongoing political uncertainty. Risks also remain elevated due to domestic austerity measures and global trade tensions.
