The HCOB France Manufacturing PMI rose to 50.4 in August 2025, expanding unexpectedly after initial estimates of 49.9 and up from 48.2 in July. This marked the first growth since January 2023, though it reflected only a marginal improvement in operating conditions as contractions in output and new orders eased sharply. Export orders also declined at a slower pace, with weakness still evident from US markets. Purchasing activity was scaled back at the mildest rate in more than three years, while both input and finished goods inventories fell. Delivery delays worsened, underscoring ongoing supply challenges. Employment was a bright spot, rising for the fourth month in a row and at the fastest pace in over three years, supported by stronger confidence, which climbed to a six-month high. On prices, input cost inflation accelerated to a five-month high due to higher wages and raw material costs, while output charges rose only marginally amid strong competition.