Germany Composite PMI Revised Slightly Up

The HCOB Germany Composite PMI was revised higher to 52.4 in November 2025 from a preliminary of 52.1, but was still below 53.9 in October which was the highest since May 2023.

Despite the fall, the reading pointed to further solid, albeit slower, rise in private sector output.

Momentum was lost in services (53.1 vs 54.6), but particularly in manufacturing (48.2 vs 49.6) where new orders fell at the quickest rate since January.

Total new business rose more slowly, while the decline in export sales quickened.

There was a renewed decline in backlogs of work and employment fell at a slightly quicker rate, as slower hiring in the service sector coincided with another notable round of job losses in manufacturing.

As for inflation, the rate of increase in average prices charged eased to a four-month low and moved below its long-run average.

Costs also rose more slowly.

Business expectations dipped to their lowest for seven months thanks to a further loss of confidence in services.