The HCOB Eurozone Manufacturing PMI fell to 49.8 in September of 2025 from the three-year high of 50.7 in the previous month, revised higher from the flash estimate of 49.5 but still firmly below the initial market consensus of 50.7. The result extended the period of consistent contractions in the bloc's factory activity, with the exception of last month, that started in June of 2022 when Russia's invasion of Ukraine triggered shortages of key raw materials. New orders fell slightly, but still at the fastest pace since March amid a drop in export sales. Still, lower backlogs allowed firms to increase output levels. The signal of lower demand drove companies to shed jobs at the fastest pace in three months. On the price front, firms cited lower operating costs for the first time since June, driving output charges to drop. Looking ahead, factories still reported optimism in output for the next 12 months.