The HCOB Eurozone Manufacturing PMI was confirmed at 50.0 in October 2025, up slightly from 49.8 in September, signaling a stabilization in the sector following a modest deterioration the previous month. The reading reflected an eighth consecutive period of slight output growth, while new orders remained largely stagnant. Demand for euro area goods remains subdued; over the past three and a half years, it has increased in just one month—August 2025. New export orders continued to weigh on factory sales, declining for the fourth consecutive month. Employment levels continued to fall, extending the current sequence of job losses to nearly two and a half years. Inventories also declined, with both production inputs and finished goods decreasing, prolonging a long-running period of destocking. On the price front, input costs were unchanged, while selling prices rose marginally. Looking ahead, business expectations slipped slightly month-on-month and remain weak by historical standards.

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