HCOB意大利服务业采购经理人指数从7月的52.3降至2025年8月的51.5，与预测一致，为1月以来的最低水平。尽管新订单稳步增长，但由于新客户的增加和国内需求的改善，新订单以六个月来的最快速度增长，但增长放缓。然而，国内和国外销售之间的差异仍然存在，因为出口订单连续第十三个月下降，尽管速度有所放缓。就业增长也放缓，尽管积压的工作连续第六个月减少，这表明目前的人员配置水平可能足以满足需求。此外，成本压力加剧，公司报告燃料、能源、租金和其他业务投入的支出增加。与此同时，产出价格以九个月来最低的速度上涨。最后，未来12个月的商业信心保持积极，但降至四年半以来的最低水平之一。
The HCOB Italy Services PMI fell to 51.5 in August 2025 from 52.3 in July, in line with forecasts and marking the lowest reading since January. The slowdown came despite a solid increase in new orders, which grew at its fastest pace in six months, attributed to new client wins and improved domestic demand. However, the divergence between domestic and foreign sales persisted, as export orders dropped for the thirteenth consecutive month, albeit at a softer pace. Employment growth also slowed, though backlogs of work decreased for the sixth month in a row, suggesting that current staffing levels may be sufficient to meet demand. Moreover, cost pressures intensified, with firms reporting higher expenses for fuel, energy, rent, and other business inputs. Meanwhile, output prices rose at the weakest rate in nine months. Finally, business confidence for the next 12 months remained positive but fell to one of the lowest levels recorded in over four-and-a-half years.
