The HCOB Eurozone Composite PMI inched higher to 51.2 in September of 2025 from 51 in the previous month, loosely in line with market expectations of 51.1 to reflect the sharpest pace of expansion in the bloc's private sector in 16 months. Growth was carried by the services sector (51.4 vs 50.5 in August), its highest reading year-to-date and offsetting the unexpected contraction for manufactures (49.5 vs 50.7). New orders were broadly unchanged in the period as a marked increase for services offset a renewed fall for factory orders, even though export orders extended their decline. Still, production was higher for both sectors, supported by a modest reduction in backlogs of work. The steady demand for new business drove firms to maintain their headcounts, ending a six-month streak of job growth. On the price front, input cost inflation eased to below the series average, leading to a similar trend in output charges. Looking forward, business sentiment dipped to a four-month low.