The Euro Area industry confidence indicator fell to -9.3 in November 2025 from a revised -8.5 in October 2025, which was the highest since September 2023, compared to forecasts of -8. The decline was driven by managers’ worsened production expectations and assessments of the current level of overall order books, which dominated managers’ improved assessment of stocks of finished products. In addition, both managers’ views on changes in past production and export order books worsened significantly.