The HCOB Italy Services PMI rose to 55 in November 2025 from 54 in October, above market expectations of 54. The latest reading was the highest since April 2023. New orders continued to increase, extending the growth trend that began in February, attributed improved sales to successful new customer outreach. Output growth was also the strongest in just over a year-and-a-half. This came despite a renewed decline in export orders amid subdued international demand. Expectations for the year ahead improved to a four-month high, supported by anticipated investment and new customer wins. In support of growth projections, employment rose for the tenth consecutive month, which contributed to a drop in outstanding business. On the price front, input cost inflation climbed to its highest level since June, driven by rising wages and energy costs. In response, service providers raised their selling prices to partially offset these cost increases.