France’s HCOB Manufacturing PMI rose to 51.2 in January 2026 from 50.7 in December, marking its highest reading since June 2022 and above initial estimates of 51. Production expanded at its fastest pace in almost four years, supported by inventory building and improved market conditions, while outstanding business volumes climbed at the sharpest rate in 44 months. Total new orders edged down amid weak domestic and foreign demand, especially from Germany. Factory employment rose slightly, and input costs increased modestly due to higher metal prices, particularly copper. Still, output prices were cut amid competitive pressures. Purchasing activity and pre-production inventories grew for the first time in nearly four years, while business sentiment strengthened above its long-term average, reflecting optimism for growth over the next 12 months.
