According to CoinMeta, French manufacturing once again fell into contraction in July, with the Purchasing Managers' Index (PMI) dropping to 49.8 from 51.2 in June. Standard & Poor's Global Data indicates that an PMI of 50 marks the dividing line between expansion and contraction; a figure below 50 signifies industry contraction. Joe Hayes, Senior Chief Economist at Standard & Poor's Global Markets Intelligence, stated that French manufacturing is once again in trouble, with inflationary pressures and weak confidence undermining business orders. He noted that recent increases in oil and natural gas prices will send a signal to businesses that the broader macroeconomic and geopolitical environment is characterized by volatility and uncertainty, which could further weaken business confidence and increase the risk of a worsening demand situation, especially if inflation rises again.