The HCOB Eurozone Services PMI edged up to 51.0 in July 2025, rising from 50.5 in June but slightly below the preliminary estimate of 51.2. Despite this, the reading signaled the fastest growth in service sector output since March. However, incoming new work for eurozone service firms remained largely unchanged from the previous month. New export orders fell for the 26th consecutive month, though the decline was modest and the softest since April. Outstanding business continued to decrease - a trend ongoing since May 2024 - accelerating slightly in July. Nonetheless, employment growth persisted, with net hiring increasing at a mild pace consistent with the prior two months. On the pricing front, input cost inflation eased to its slowest rate since October last year, while output price increases softened slightly compared to June.