FX.co ★ Eurozone Manufacturing Growth Unchanged in September

The S&P Global Eurozone Manufacturing PMI held steady at 52.7 in September 2026, slightly above the market consensus of 52.6, according to flash estimates. Production remained robust, with the Output Index edging up to 53.4 from 53.3, its highest reading in 55 months.

The expansion was driven in part by a renewed rise in new export orders, while overall employment levels were broadly unchanged. Firms increased their purchasing activity for a second consecutive month, though the rate of growth remained modest. This uptick in input buying enabled manufacturers to keep pre-production inventories broadly stable, bringing an end to a decline that had persisted since February 2023. Stocks of finished goods were also largely unchanged.

Supplier delivery times lengthened again, but the degree of deterioration was the mildest since February. At the same time, input cost inflation picked up, and output prices rose at a faster pace. Business sentiment weakened, with manufacturers reporting reduced optimism about the outlook for the coming year.