2025年2月，HCOB欧元区综合采购经理人指数为50.2，与上月相比保持不变，这是欧元区私营部门活动连续第二个增长缓慢的时期，尽管略低于市场预期的50.5。尽管增长放缓（1月份为50.7比51.3），但服务业仍保持增长，而制造业活动收缩速度为9个月来最低（47.3比46.6）。新订单总量连续第九个月收缩，突显出欧盟需求水平疲软。尽管如此，由于公司以三个月来最快的速度耗尽了积压的订单，产量略有上升。新合同的糟糕背景促使企业通过就业来削减产能，制造业总人数下降幅度为2012年7月以来最大，当时排除了新冠肺炎疫情冲击。在价格方面，投入成本以十个月来最快的速度上涨，提高了产出费用。展望未来，乐观情绪跌至三个月低点。

The HCOB Eurozone Composite PMI at 50.2 in February of 2025, remaining unchanged from the previous month for a second consecutive period of muted growth in the Eurozone’s private sector activity, although slightly missing market expectations of 50.5. Growth was carried by the services sector, despite its slowdown (50.7 vs 51.3 in January), while manufacturing activity contracted at the slowest pace in nine months (47.3 vs 46.6). New orders at the aggregate level contracted for the ninth month in a month, underscoring the weak demand levels in the bloc. Still, output was slightly higher as firms depleted backlog levels at the sharpest pace in three months. The poor backdrop for new contracts drive firms to shed capacity through employment, with manufacturing head counts falling the most since July 2012 when excluding the Covid shock. On the price front, input costs rose at the fastest pace in ten months, lifting output charges. Looking forward, optimism dipped to a three-month low.