根据初步估计，德国HCOB制造业采购经理人指数从8月份的49.8降至2025年9月的48.5，令人惊讶的是市场对稳定在50的预期。该数据标志着四个月来最大的收缩，因为生产继续扩张，但速度比8月份慢，而新订单四个月以来首次下降，这是自1月以来的最大跌幅。出口销售额也连续第二个月下降。公司依靠现有的积压来支持产出，尽管未完成的业务以九个月来最快的速度耗尽。就业人数进一步下降，员工人数以三个月来最快的速度减少。在成本方面，采购价格下降幅度比8月份更大，而产出费用也有所下降。由于需求疲软和运营成本上升，商业预期连续第二个月减弱，低于长期平均水平。

Germany’s HCOB Manufacturing PMI slipped to 48.5 in September 2025, down from 49.8 in August, surprising market expectations for stabilization at 50, according to flash estimates. The reading signaled the steepest contraction in four months, as production continued to expand but at a softer pace than in August, while new orders fell for the first time in four months, marking the sharpest decline since January. Export sales also dropped for a second consecutive month. Firms relied on existing backlogs to support output, though outstanding business was depleted at the fastest rate in nine months. Employment fell further, with headcounts shrinking at the quickest pace in three months. On the cost side, purchase prices declined more steeply than in August, while output charges also decreased. Business expectations weakened for a second straight month, slipping below the long-run average amid sluggish demand and elevated operating costs.