The HCOB Germany Manufacturing PMI was confirmed at 49.6 in October 2025, compared to 49.5 in September and in line with the preliminary estimate, signalling the manufacturing sector continued to lack dynamism as the fourth quarter got underway. Employment and backlogged orders fell once again while production volumes continued to tick up driven mainly by the investment goods segment, albeit the growth rate slowed. Buying levels were also pared back as firms looked to run down stocks, but lead times on purchases nevertheless increased for the second month running. The latest data also showed a modest rise in prices charged by German goods producers, to end a five-month run of decline. Finally, business expectations extended their recent slide to fall to the lowest so far this year.