The HCOB Germany Manufacturing PMI was revised down to 48.3 in May 2025, from a preliminary estimate of 48.8 and April’s 48.4. This marked the 35th consecutive month of contraction in the manufacturing sector, although output continued to grow modestly. Manufacturing output rose for the third straight month, supported by growing export orders, especially to Europe and the US. Despite this, overall new orders dipped slightly, reflecting weaker domestic demand. Job cuts persisted but slowed to the weakest rate since January 2024. Purchasing activity and input stock declines also eased. Input prices dropped sharply again, though less than in April, thanks to weaker demand, lower oil prices, and a stronger euro. Manufacturers passed on savings, leading to renewed factory gate price cuts amid strong competition. Supplier delivery times improved slightly, while optimism about future output strengthened to the highest level since early 2022.