The euro zone manufacturing PMI rose to 52.0 in July 2025, its sixth consecutive month in expansion territory, with the output index reaching 53.0, its highest level since March 2022. However, new orders posted only a marginal increase and export orders continued to decline, with manufacturers primarily working through existing backlogs rather than new demand. Input cost inflation fell to a five-month low while output prices remained elevated, highlighting persistent margin pressure on producers. Business confidence improved to its highest level since February 2026, but remains below its long-run historical average.
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