Eurozone’s private sector economy recorded a further solid expansion during the penultimate month of 2025, according to the latest HCOB PMI survey data, with growth accelerating to a two-and-a-half-year high. The faster increase in output was driven by a further rise in new business – one that matched October’s 30-month record – and coincided with a further round of gains to payroll numbers. Business confidence also rose in November, but it remained below its long-run average.

The seasonally adjusted HCOB Eurozone Composite PMI Output Index – a weighted average of the HCOB Manufacturing PMI Output Index and the HCOB Services PMI Business Activity Index – rose for a sixth month in succession in November to the highest since May 2023, and indicative of a solid and accelerated rise in private sector business activity. Moreover, at 52.8 (October: 52.5), the headline index was above the survey’s long-run average of 52.4 once again. Both the manufacturing and service sectors saw rises in output midway through the final quarter of 2025. The faster expansion seen at the overall level was reflective of stronger services momentum as factory production growth slowed to a nine-month low.