The HCOB Eurozone Manufacturing PMI rose to 50.7 in August 2025, up from a flash estimate of 50.5 and July’s 49.8, signaling the first monthly improvement in factory conditions since June 2022. Growth was led by Greece, followed closely by Spain, while modest gains were recorded in the Netherlands and Ireland. France and Italy returned to slight expansions, and contractions in Germany and Austria eased. Output growth reached its strongest since March 2022, and new orders rose for the first time in nearly three and a half years. Despite these signs of recovery, job cuts persisted and backlogs of work fell for the 39th straight month. On the price front, input costs rose for the first time since March, though only marginally, while output prices continued to decline. Business confidence was little changed from July.