Eurozone manufacturing PMI revised slightly lower
By Benjamin Chiou
Date: Monday 01 Dec 2025
(Sharecast News) - The contraction in the eurozone's manufacturing sector was slightly worse than originally estimated in November, according to figures out from S&P Global and Hamburg Commercial Bank (HCOB) on Monday, with a purchasing managers' index tracking activity across the region falling to a five-month low.
The manufacturing PMI fell 0.4 points to 49.6 last month, down from the neutral level of 50.0 and below the preliminary estimate of 49.7 released two weeks ago. This was the weakest reading since June.
The survey, which was conducted between 12 and 21 November, found "signs of renewed demand-side weakness", with factory job lesses picking up and inventory levels depleting at a faster rate, compared with the month before.
Nevertheless, the research pointed to a sustained increase in production and an improvement in business confidence.
Economic powerhouses Germany and France continued to buck an improving trend across the rest of the single-currency region, with PMI readings for both countries hitting nine-month lows of 48.2 and 46.7 respectively.
At the same time, Austria (50.4) and Italy (50.6) saw renewed improvements in manufacturing conditions, while Spain (51.5) and Greece (52.7) continued to grow, albeit at a slower pace. Growth in the Netherlands (51.8) held steady, while the expansion in Irish manufacturing hit a four-month high (52.8).
Despite some bright sparks, HCOB's chief economist Cyrus de la Rubia said the weighting of Germany and France paints a "sobering" picture of the eurozone.
"In France, this is probably due to the continuing political uncertainty, which is causing many companies to hold back on investment decisions. In Germany, a large part of the economy appears to be disappointed with the federal government's course of action to date, and a dangerous sense of resignation regarding the country's ability to reform may be taking hold. However, we believe that visible investments in infrastructure could soon revive the mood," de la Rubia said.
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