FX.co ★ Germany Manufacturing PMI Falls to 9-Month Low

The HCOB Germany Manufacturing PMI experienced a decline, reaching 48.2 in November 2025 from 49.6 in October, and falling short of the preliminary estimate of 48.4. This indicates the most significant contraction in the sector since February. This downturn was primarily attributed to a renewed drop in new orders, reversing the six gains observed over the past eight months up to October, with the most significant decrease recorded since January. This trend is a result of ongoing customer uncertainty and diminished overseas demand. Export sales decreased for the fourth consecutive month, registering the fastest decline of 2025, indicating weaker demand across Asia, Europe, and North America. While output growth decelerated, employment continued to shrink. Regarding pricing, input costs saw a minimal decline, marking the slowest decrease since August 2024, and prices charged decreased after a rebound in October. Looking forward, firms have slightly improved expectations for output over the next year compared to October’s ten-month low, though they remain below the historical average.