FX.co ★ Eurozone Services PMI at YTD-High

The HCOB Eurozone Services PMI increased to 51.3 in September 2025, up from 50.5 in August, and was slightly revised from an initial estimate of 51.4. This figure surpassed market expectations, which were set at 50.5, representing the fastest pace of growth in Eurozone services activity since January. This growth marks the fourth consecutive month of expansion. New orders experienced modest growth, driven by robust domestic demand. However, this was tempered by a decline in new sales from international clients, reflecting broad trends seen in other major economies amid ongoing trade tensions instigated by a series of US-imposed tariffs. Despite this, output saw a significant uptick due to diminishing backlogs. Meanwhile, employment registered the slowest increase in over four years. On the pricing front, both input costs and output prices rose at a decelerated rate. Looking ahead, service providers are optimistic about the future, with confidence reaching its highest level in 11 months.