Euro Area November Flash PMIs: Towards Satisfactory Year-End

The Euro Area composite PMI index loses 0.1 pts to 52.4 in November and stands at its highest level since May 2023 ( Chart 1 ) . The future output component of the composite index remains well-oriented, increasing from 57.8 in October to 59.2 in November ( Chart 2 ) . T he European manufacturing index disap points on the downside , coming in at 49.7 in November compared to 50 in October. The decline is primarily attributed to a slight decrease in production (-0.6 p t ) and a decrease in order books (-0.3 p t ). There is also an increase in input prices (+2.1 pts to 52.1), reflecting the re-emergence of certain tensions in raw material prices. The services index remains virtually stable at 53.1 (+0.1 pts ) . The new business activities component has slightly declined but remains robust. The employment component decreases by 1.1 pts , correcting the strong rebound (+1.8 pts ) recorded in October. In these conditions , todays’ PMIs support the view of continued positive GDP growth in Q4 2025 ( Chart 3 ). In Germany, the PMI index for November declined but remains above the expansion threshold. The PMI composite index recorded a marked decrease, falling from 53.9 in October to 52.1 in November, which brings it close the level seen in September at 52.4. The subcomponents of the index indicate that new orders are slowing down by 1.8 pts and, like the composite index, remain above the threshold of 50. In contrast, new export orders decreased by 2.9 pts to record at 46.7, while at the same time, future output continues to increase by 1.4 pts. Both the manufacturing index and the services index experienced a decline of more than one point: the manufacturing index decreased by 1.2 pts, dropping from 49.6 in October to 48.4 in November, and the services index fell by 1.9 pts, from 53.9 to 52.1. The French composite PMI index rises by 2.2 pts to 49.9, reaching its highest level since August 2024 , which suggests that the French economy continues to grow slowly in November. Among the subcomponents, new orders, future output, and input prices all recorded increases of more than 2 pts ., T he manufacturing index disappointed in November, falling by 1 point to 47.8. In contrast, the services index increased by 2.8 pts to 50.8 .