The HCOB France Manufacturing PMI rose slightly to 48.3 in October 2025 from 48.2 in September, in line with market expectations, according to preliminary estimates. Although this marks a two-month high, the latest figure still points to contraction, signaling sharper declines in production and new orders. Sluggish client demand and ongoing domestic political uncertainty, together with weak global conditions, continued to weigh on exports. In response, manufacturers cut output prices for a second consecutive month to stimulate demand, while input cost inflation eased to its slowest pace in nearly five years as energy and material prices stabilized. Meanwhile, employment grew modestly, mainly through temporary hires, reflecting cautious workforce planning. Looking ahead, business confidence slipped to its lowest since mid-year, with many firms expecting further production declines amid political instability and soft external demand.