In August 2025, the eurozone economy gained momentum as new orders finally made a comeback, propelling overall business activity to its strongest level in 15 months, despite lingering softness in exports. The HCOB Flash Composite PMI climbed to 51.1, up from 50.9 in July—this marks three straight months of improvement and the highest reading since May 2024. The manufacturing sector made a notable comeback, shifting back into growth territory for the first time in over three years, while the services sector continued to expand, albeit more modestly.
Germany powered much of the growth with a solid manufacturing upswing, and France saw its contraction ease. The bloc added jobs for the sixth consecutive month, with most of the gains linked to the services industries as manufacturing continued to trim headcount. Still, rising costs—particularly in inputs and services—have ratcheted up inflation concerns for the European Central Bank, even though the prices charged in the service sector held steady for now.
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