The Nevi Netherlands Manufacturing PMI edged down to 49.0 in May 2025 from 49.2 in April. This marked the third consecutive month of contraction and the fastest pace since January, reflecting a continued weakness in demand, with new orders falling for the tenth time in eleven months. Output rose for the third straight month but only marginally, as firms worked through backlogs. Employment declined at the sharpest pace since December 2023, driven by restructuring and permanent layoffs. Purchasing activity and input inventories also fell, while delivery times improved modestly for the first time in a year. On the price front, input cost inflation eased to its lowest level so far this year, while output price inflation also slowed. Finally, business confidence ticked up slightly but remained historically muted due to lingering trade tensions and economic uncertainty.