2025年11月,德国和法国牵头的欧元区制造业收缩,尽管信心和出口显示出复苏的迹象。 Eurozone manufacturing contracted in November 2025, led by Germany and France, though confidence and exports showed signs of recovery.

2025年11月欧元区制造业部门萎缩,最终的PMI为49.6,受德国和法国疲软驱动。 The eurozone manufacturing sector contracted in November 2025, with the final PMI at 49.6, driven by weakness in Germany and France. 德国的PMI降到48.2,是九个月来最低的,而法国则保持在47.8,这反映了需求疲软和政治不确定性。 Germany's PMI fell to 48.2, its lowest in nine months, while France remained at 47.8, both reflecting weak demand and political uncertainty. 意大利的复苏幅度不大,上升到50.6,两个月后首次扩大。 Italy showed a modest recovery, rising to 50.6, its first expansion in two months. 西班牙在51.5时继续扩展,尽管速度放慢。 Spain continued expansion at 51.5, though slowing. 尽管目前收缩,商业信心有所增强,特别是在德国和法国,公司预计2026年产量会提高。 Despite current contraction, business confidence improved, particularly in Germany and France, with firms expecting higher production in 2026. 意大利恢复了出口订单,但供应链拖延和投入成本上升对利润造成压力。 Export orders revived in Italy, but supply chain delays and rising input costs pressured margins. 总体而言,数据显示出口支持的脆弱反弹在持续挑战中持续出现。 Overall, the data suggest a fragile, export-supported rebound amid persistent challenges.