The HCOB Eurozone Manufacturing PMI was confirmed at 50.8 in February 2026, up from 49.5 in January, signaling the strongest improvement in operating conditions for euro area factories since June 2022. Manufacturing output expanded again, and new orders grew at the fastest pace since April 2022, while export orders fell at the slowest rate in three months.
Despite these gains, employment continued to decline, although the reduction in backlogs eased. Purchasing activity was close to stabilizing, with the rate of contraction slowing for the second consecutive month.
On the price front, input cost inflation jumped to a 38‑month high, and output prices increased for the second straight month—the first back-to-back rise in nearly three years—with the latest uptick the steepest since March 2023. Business confidence rose to a four-year high, pointing to stronger optimism for the months ahead.
