FX.co ★ Eurozone Services PMI Revised Slightly Higher

The HCOB Eurozone Services PMI was marginally adjusted upward to 53.6 for November 2025, from an earlier estimate of 53.1, and improved from 53 in October. This marks the sixth consecutive month of expansion, and it represents the swiftest growth rate since May 2023. This acceleration in activity was driven by stronger sales, as demand rose for the fourth consecutive month, reaching its fastest growth in 18 months. Despite this, service providers managed to alleviate backlogs, counteracting October’s slight uptick. Employment continued its upward trajectory, marking nearly five years of growth, although the rate of job creation slowed from October’s 16-month peak. Furthermore, business confidence saw a slight improvement, with optimists prevailing over pessimists, yet expectations remained below the long-term average. In terms of pricing, cost pressures saw a slight increase, although input price inflation was among the lowest in the past year. Meanwhile, output charges grew at the slowest rate in over four-and-a-half years.