HCOB意大利服务业采购经理人指数从6月的52.1微升至2025年7月的52.3，但低于市场预测的52.6。新订单继续增长，尽管增长速度是六个月来最慢的，这得益于销售业绩和营销工作的改善。由于新的出口订单减少，该行业的需求稳定在很大程度上仍局限于国内市场。与此同时，创造就业机会的上升趋势延长至六个月，尽管劳动力扩张率略低于6月份。积压的工作也再次略有下降。在价格方面，尽管工资、燃料和服务的持续上涨压力，但投入成本通胀已降至2024年11月以来的最低水平。然而，公司以更快的速度提高了售价，达到了15个月来的最高点。最后，在新客户和项目的预期以及宏观经济状况改善的希望的支撑下，未来一年的情绪达到了2024年10月以来的最高水平。

The HCOB Italy Services PMI edged up to 52.3 in July 2025 from 52.1 in June, but missing market forecasts of 52.6. New orders continued to grow, albeit at the slowest pace in six months, supported by improved sales performance and marketing efforts. Demand stability in the sector remained largely confined to the domestic market, as new export orders declined. Meanwhile, the upward trend for job creation was extended to six months, although the rate of workforce expansion was slightly weaker than in June. Backlogs of work also fell slightly once again. Regarding prices, input cost inflation eased to its lowest level since November 2024, despite continued upward pressure from wages, fuel, and services. However, firms raised their selling prices at a faster pace, reaching a 15-month high. Lastly, sentiment for the year ahead hit its highest level since October 2024, underpinned by expectations of new clients and projects, as well as hopes for improved macroeconomic conditions.