Eurozone Manufacturing PMI (HCOB/S&P Global)

The HCOB Eurozone Manufacturing PMI, compiled by S&P Global and published on September 12, 2026, came in at 49.8, down from 50.7 in August, slipping back into contraction territory after only one month above the 50.0 threshold — the first such reading in over three years.

According to the release, the eight monitored euro area nations were evenly split between those in expansion and those in contraction. The Netherlands led the rankings, recording its fastest pace of improvement since July 2022, while Greece and Spain maintained growth but saw their upturns slow compared to the prior month. Factory purchasing activity contracted at an accelerated pace, and both pre- and post-production inventories were reduced further.

On the outlook, firms remained broadly optimistic that output would rise from current levels over the coming months. The survey is compiled from responses from approximately 3,000 manufacturers across Germany, France, Italy, Spain, the Netherlands, Austria, Ireland, and Greece.

The HCOB Eurozone Manufacturing PMI, compiled by S&P Global and published on 1 September 2026, registered 50.5 in August 2026, up from 49.8 in July 2026. The reading marks a return to expansionary territory—above the 50.0 no-change threshold—for the first time in roughly three and a half years.

According to the release, factory output growth reached its strongest level in nearly three and a half years, while new orders posted their first monthly rise in the same period. The upturn in demand was primarily driven by domestic markets within the euro area.

At the country level, Greece and Spain led the expansion, with the Netherlands and Ireland recording moderate improvements. Germany posted a 38-month high but remained fractionally in contraction on the final reading, while Austria's downturn also eased to only a marginal level.

HCOB and S&P Global released the flash Eurozone Manufacturing PMI for July 2026 on July 24, 2026. The index rose to 52.0 points from 51.4 points in June, marking a second consecutive month above the 50.0 no-change threshold that separates expansion from contraction. Survey data were collected between July 9 and 22.

Among member states, Germany — the eurozone's largest economy — recorded an improvement in business activity for the first time in four months, while French output continued to decline, albeit only marginally. The release also noted risks surrounding recent increases in oil prices and potential supply-chain disruptions, particularly in the energy sector, linked to geopolitical tensions in the Middle East.

The HCOB Eurozone Manufacturing PMI, compiled by S&P Global, came in at 51.4 in its final June 2026 reading, edging down from 51.6 in May. The index stayed above the 50 threshold separating growth from contraction for a fifth straight month, though the pace of expansion slowed for a second consecutive month.

Within the survey, the output index rose to 51.7 from 51.3 in May, a two-month high, and new orders returned to marginal growth after stagnating in May. Suppliers' delivery times lengthened slightly, and the survey compilers noted that supply-chain disruptions linked to the Middle East conflict continued to weigh on activity.