France industry temperatures

Aerospace and defenseHighestMost watched

Comfortable · Aerospace orders remain above normal and defense and telecommunications-equipment investment provides support, although a July output decline and supply constraints limit near-term performance.

ManufacturingMost watched

Cool · Industrial activity is growing modestly and electronics, optical, and electrical-equipment orders are above normal, but weaker automotive production leaves the manufacturing recovery clearly uneven.

Retail

Cold · Consecutive gains in goods consumption provide some support, but household confidence remains far below normal and willingness to make major purchases is falling, leaving retail demand fragile.

Construction and housingLowestMost watched

Cold · New-home reservations are down, housing permits remain below their five-year average, and construction employment continues to fall, with July's rebound in starts providing only a limited buffer.