July final manufacturing PMI 49.8 vs 50.0 prelimPrior 51.2It's a sluggish start to the second half of the year for French manufacturing amid an accelerated declines in new orders, productionand purchasing activity. The good news at least is that cost pressures did ease markedly but S&P Global did attach a caveat to that in saying: "Most of the survey data in July wascollected prior to the steep rise in oil and energy prices seenduring the tail-end of the month." So, there's that.In any case, this marks a third straight month that new order inflows fell while production volumes also decreased. On the latter, the pace of declinealso gathered pace but was only modest overall at least.Looking to price pressures, July survey data signalled the slowest rate ofinput price inflation in four months. However, output charges roseagain and to a pace that was only narrowly weaker than inJune.S&P Global notes that:"France's manufacturing sector is struggling onceagain as inflationary pressures and weak confidenceundermine order books."Oil and gas price increases in recent weeks will signalto businesses that the broader macroeconomicand geopolitical environments are both volatile anduncertain. This will likely erode confidence further,raising the risk of further demand destruction, especiallyif inflation kicks higher."That said, we'll have to wait and see if there is anytemporary reprieve through renewed safety stockpilingand advanced purchasing if customers deem price andsupply risks to warrant it." This article was written by Justin Low at investinglive.com.