Informations Rapides · 22 May 2026 · n° 123

In May 2026, the business climate in manufacturing industry has brightened again Monthly business survey (goods-producing industries) - May 2026

In May 2026, the business climate in manufacturing industry has brightened again. At 102, the synthetic indicator has gained two points and has left its long-term average (100). This increase mainly comes from the further marked improvement in the balance of opinion on past production.

In May 2026, the balance of opinion associated with the change in past production has improved again strongly and has left its long-term average. The one relating to personal production prospects has decreased for the fourth consecutive month and has slightly moved back below its own. The balance associated with general production prospects in the industry is stable, well below its average. The balance on economic uncertainty felt by business leaders is also stable, well above its own.

The balances of opinion associated with the level of order books, both global and foreign, have increased again slightly, and have moved away from their long-term average.

The balance of opinion on the current level of finished goods inventories has slightly decreased and has moved closer to its average.

The balance of opinion relating to the past evolution of workforce size is stable above its average. The one associated with the expected evolution has slightly diminished again and has moved closer to its own.

The balance of opinion associated with the expected trend in selling prices over the next three months has increased for the fifth consecutive month, to its highest level since March 2023; it remains nonetheless very markedly lower than the highest reached in 2022. This month, the increase has been mainly driven by the pharmaceutical industry, textiles, clothing industries, leather and footwear industry, rubber and plastic products and “other manufacturing industries”.

The share of companies reporting being limited in their production by workforce shortage has slightly increased and has deviated from its average. The share of those reporting sourcing difficulties as a limiting factor to their production has rebounded and stands markedly above its own. Overall, the proportion of companies declaring supply-side obstacles only has decreased: at 27%, it remains nevertheless above its average. The proportion of companies reporting obstacles linked to demand only has also decreased, for the third consecutive month: at 22%, it stands markedly below its own. Finally, the share of companies reporting both obstacles linked to supply and demand has increased and left its average.

In May 2026, the business climate indicator in the manufacturing of food products and beverages has increased for the third consecutive month and has reached its highest level since February 2023. At 99, it has almost moved back to its long-term average (100). This increase mainly comes from the balance of opinion on global order books, rising for the last three months, and from the decline in the balance relating to the current level of finished goods inventories.

In the manufacturing of machinery and equipment goods, the synthetic indicator of the business climate has fallen back slightly. At 103, it remains above its long-term average (100). At the sub-sector level, the indicator has fallen back in the manufacturing of computer, electronic and optical products, while it has increased for the fourth consecutive month in the manufacturing of electrical equipment; in those two sub-sectors, it stands above its average. Finally, the indicator is stable in the manufacturing of machinery and equipment, below its own.

In the manufacturing of transport equipment, the business climate indicator is stable, at 102, slightly above its long-term average (100). It has slightly fallen back in the sub-sector of motor vehicles, trailers and semi-trailers, below its average, while it has slightly rebounded in “other transport equipment”, above its own.

Finally, the business climate indicator in “other manufacturing” has rebounded, to 102, returning above its long-term average (100) and standing at its highest level since July 2022. The balances of opinion relating to order books, both global and foreign, and to personal production prospects have mainly contributed to this rebound. At the sub-sector level, the indicator has increased the most in “chemicals and chemical products” and rubber and plastic products.

The business climate in manufacturing industry of April 2026 has not been revised (after rounding).