By Joshua Kirby
Confidence among French manufacturers fell well below its long-term average in August as demand weakened in the eurozone’s second-largest economy.
Manufacturing confidence fell to 96 from an upwardly revised 101 in July, marking the lowest point in more than a year, data from the country’s national statistics office Insee showed Thursday. A reading of 100 represents the long-term average for sentiment.
Economists polled by The Wall Street Journal had expected a shallower decline in August to just below the long-term average. The revision for July’s figures was mainly down to late responses from some companies surveyed, Insee said.
Industrial confidence was dragged lower by firms’ worsening sentiment about order books and past production, Insee said. The figures match gloomier sentiment set out in the country’s purchasing managers’ index, released earlier this week, and point to increasing stagnation both in France and in the wider eurozone.
Write to Joshua Kirby at [email protected]; @joshualeokirby
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