France’s HCOB Flash Manufacturing PMI slipped to 47.8 in November 2025 from 48.8 in October, marking a nine-month low and pointing to a renewed deterioration in factory conditions, according to preliminary estimates. Output fell at a quicker pace, with the production index down to 45.2, as political uncertainty and unresolved budget tensions continued to weigh on demand. New orders declined again, but the downturn was partly offset by a return to growth in export orders, the first since early 2022, which helped lift backlogs slightly. Employment, however, softened, with manufacturers cutting staff after recent months of modest hiring. Cost pressures picked up, driven by higher metals prices and rising wage expenses. Yet selling prices were largely unchanged, suggesting firms lacked the pricing power to pass on these increases. Despite the weaker current backdrop, confidence improved to its strongest level since June, though it remained subdued by historical standards.