HCOB欧元区综合采购经理人指数从上个月的50.6升至2025年7月的51，反映了欧元区私人经济活动11个月来最大的扩张，略高于市场预期的50.8。服务提供商的活动增强（6月份为51.2对50.5）和工厂的接近稳定（49.8对49.5）引领了扩张，这是三年来最不悲观的结果。在结束连续13个月的收缩期间，总新订单基本保持不变，支撑了这两个行业的产出。反过来，新业务的乐观趋势促使公司五个月来首次增加员工数量。在价格方面，投入成本通胀降至五个月低点，促使企业在经历了两个月的下降后保持产出费用不变。展望未来，信心较上月略有下降，可能是由于美国在此期间持续的关税威胁。
The HCOB Eurozone Composite PMI rose to 51 in July of 2025 from 50.6 in the previous month, reflecting the sharpest expansion in the Euro Area's private economic activity in 11 months, and slightly ahead of market expectations of a 50.8. The expansion was led by stronger activity for service providers (51.2 vs 50.5 in June) and a near stabilization for factories (49.8 vs 49.5), their least pessimistic result in three years. New orders at the aggregate level were broadly unchanged in the period to end thirteen straight months of contraction, supporting output in both sectors. In turn, the optimistic trend for new business drove firms to increase their staffing levels for the first time in five months. On the price front, input cost inflation eased to a five month low, driving firms to keep output charges unchanged following two months of declines. Looking forward, confidence inched lower from the previous month, likely due to lingering tariff threats by the US in the period.
