French manufacturing continued to struggle in November, with production slowing and demand for goods softening, according to a survey from S&P Global released Monday.

The final HCOB France Manufacturing Purchasing Managers’ Index (PMI) fell to 47.8, down from 48.8 in October, confirming the earlier flash reading.

For context, a PMI below 50 signals contraction, while a reading above 50 indicates growth, meaning the sector remains firmly in retreat.

The S&P Global survey highlighted that demand for French goods has now fallen for three-and-a-half years straight, marking the longest sequence of declining factory orders in recent memory, Reuters news agency reports.

Output also fell faster than in October, and employment in the sector dropped for the first time since April, reflecting growing pressures on manufacturers.

“French manufacturing conditions remained weak in November, even as exports rebounded,” said Jonas Feldhusen, junior economist at Hamburg Commercial Bank AG.

He added that pricing pressures are compounding the challenges: “The HCOB PMI price data indicate that manufacturers face intense competition, containing output prices. Against this backdrop, margins are likely to compress.”

The combination of slowing demand, falling production, and shrinking workforce paints a challenging picture for France’s industrial sector. Analysts note that unless domestic and international demand picks up, manufacturers may continue to face margin pressure and cautious investment decisions.

While exports show some resilience, the overall trend signals that French manufacturing is navigating a tough environment, with weak orders and competitive pricing keeping the sector on edge.

The November data serves as a reminder that the recovery is uneven, and policymakers and businesses alike will need to carefully monitor conditions to support growth in the months ahead.