The S&P Global Eurozone Manufacturing PMI (business survey gauge) held at 52.7 in September 2026, narrowly above the 52.6 market expectation, according to flash data. Manufacturing output strengthened slightly, with the Output Index rising to 53.4 from 53.3, its highest reading in 55 months. A renewed increase in new export orders supported growth, while employment was broadly unchanged. Firms increased purchasing activity for a second straight month, though the pace remained modest. The additional input buying helped keep pre-production inventories broadly stable, ending a decline that had lasted since February 2023. Finished-goods stocks also remained stable. Supplier delivery times lengthened again, but the deterioration was the least severe since February. Input-cost inflation accelerated, and output prices rose more quickly. Manufacturers were less optimistic about the year ahead, weakening business confidence.