The HCOB Eurozone Composite PMI climbed to 52.5 in October 2025, exceeding both the preliminary estimate of 52.2 and September’s 51.2 reading. This marks the strongest expansion since May 2023, signaling a notable pickup from the subdued growth that characterized much of 2025. There was a sharp acceleration in services activity, while manufacturing output edged up only slightly. Stronger demand underpinned the upturn, with new business rising at the fastest pace in two and a half years. Employment growth also accelerated to a 16-month high, even as firms’ expectations for future activity softened marginally. On the price front, input cost inflation eased for a second consecutive month, but output charges increased at the quickest rate in seven months, suggesting some lingering price pressures in the services sector.