FX.co ★ Germany Composite PMI Revised Slightly Up

The HCOB Germany Composite PMI was adjusted upwards to 52.4 for November 2025, from an initial estimate of 52.1, yet it remained below October's 53.9—which marked the peak since May 2023. Despite the decline, the index signaled a continued but decelerated expansion in private sector output. Growth deceleration was notable in the services sector (53.1 compared to 54.6), and even more so in manufacturing (48.2 compared to 49.6), where new orders contracted at the fastest pace since January. Total new business experienced a more subdued rise, while the reduction in export sales accelerated. There was a fresh downturn in work backlogs, and employment decreased at a slightly faster pace, reflecting slower hiring in the services sector and significant job cuts in manufacturing. Regarding inflation, the rate at which average prices were charged eased to a four-month low, slipping below the long-term average. Input costs also rose at a slower pace. Business optimism waned to its lowest level in seven months, primarily due to diminishing confidence within the services sector.