快速估算显示,HCOB德国服务业采购经理人指数从上个月的49.7稳定在2025年7月的50.1,超过了市场预期的50。最新数据标志着自3月以来的最高读数,新业务自2024年8月以来首次增长,反映了市场状况改善的早期迹象。然而,尽管人们对经济前景越来越乐观,但服务提供商继续减少人员配备水平,该行业谨慎地缩减了劳动力容量。在通胀方面,投入成本压力有所缓解,营业费用在过去六个月内第五次放缓。与此同时,产出价格通胀有所缓和,7月份的涨幅为四年多来最低。最后,在潜在需求反弹的迹象支持下,服务提供商的商业信心显著增强。
The HCOB Germany Services PMI stabilized at 50.1 in July 2025 from 49.7 in the previous month, surpassing market expectations of 50, flash estimates showed. The latest figure marked the highest reading since March, as new business posted its first increase since August 2024, reflecting early signs of improving market conditions. However, despite growing optimism about the economic outlook, service providers continued to reduce staffing levels, with the sector cautiously scaling back workforce capacity. On the inflation front, input cost pressures eased, with operating expenses slowing for the fifth time in the past six months. At the same time, output price inflation moderated, with July registering the weakest increase in over four years. Finally, business confidence among service providers strengthened significantly, supported by signs of a rebound in underlying demand.