The Nevi Netherlands Manufacturing PMI held at 51.8 in November 2025, unchanged from October and marking a sixth month of expansion. Output and new orders continued to rise, though production growth eased from the previous month. Export sales saw their strongest increase since July, driven by new projects and improved demand for capital goods. Despite firmer order books, firms kept retrenching, with employment slipping again and backlogs falling at the fastest rate since March. Purchasing activity softened after October’s surge, and inventories declined as companies relied on existing stocks. Supplier performance worsened, with longer delivery times due to staff shortages and low vendor inventories. Cost pressures intensified as higher energy, wage and material costs rose, pushing input inflation above October’s low. Output charges rose modestly. Business confidence strengthened to a four-month high, though still below long-term norms amid lingering uncertainty on global demand.