The HALPIM Manufacturing PMI fell to 51 in October 2025 from a revised 51.6 in September, signaling a slower pace of expansion in Hungary’s manufacturing sector. Both new orders and production grew at a softer rate than in the previous month, with their indices easing to 51.1 and 51.7, respectively, indicating a slight cooling in demand and output. In contrast, employment conditions improved, as the employment index rose to 50.8, returning to expansion after several months of contraction and pointing to early signs of recovery in the manufacturing labor market. Supply-side conditions also showed signs of stabilization, with delivery lead times improving to 47.7 and continued restocking activity reflected in the purchased inventories index at 56.7, amid gradually normalizing supply chains.