The HCOB Eurozone Services PMI rose to 53.1 in November 2025 from 53 in the previous month, topping expectations of 52.8 and marking an 18-month high. Activity in the sector expanded at its fastest pace since mid-2024, supported by solid growth in new orders. Employment continued to rise but only slightly, indicating more cautious hiring. Input costs increased at a faster rate, showing renewed inflationary pressure, but output price inflation eased to its slowest pace since April 2021. Business confidence slipped marginally, suggesting firms remain optimistic but slightly less upbeat about the outlook.