The industry confidence indicator in the Euro Area rose to -10.3 in August 2025 from -10.5 in July, below market expectations of -10. A decline in managers’ production expectations, which was almost fully offset by a marginally better assessment of the current level of order books and a virtually unchanged assessment of stocks of finished products. Regarding the questions not entering the confidence indicator, managers upgraded their views on recent changes in past production, while their views on export order books deteriorated.