The HCOB Germany Construction PMI edged up to 46.2 in September 2025 from 46 in August. Despite the uptick, the latest reading signaled a sustained downturn in overall building activity across the eurozone's largest economy, amid weak underlying demand. The main drag continued to come from the housing sector, which recorded a sharp rate of decline that was the quickest for three months. New orders continue to fall, albeit one that was the least marked for three months, which has contributed to further job losses Meanwhile, a noticeable slowdown was seen in the rate of decline in constructors' purchasing activity, which was the least marked in over three years. Turning to prices, input cost inflation accelerated to a three-month high. At the same time, constructors reported the steepest rise in rates charged by subcontractors since July 2023. Lastly, although business expectations for the year ahead improved slightly, firms on balance remained pessimistic about the outlook.