Eurozone Services PMI (HCOB/S&P Global)

The HCOB Eurozone Services PMI Business Activity Index for August 2026, released on September 3, 2026 by Hamburg Commercial Bank (HCOB) and S&P Global, came in at 50.7 points, down from 51.7 points in July. Although the reading remained above the 50.0 no-change mark, signalling continued expansion in services activity, the pace of growth slowed month-on-month.

According to the survey data compiled by S&P Global, growth in new business eased compared with the prior month, pointing to a softening in demand momentum. Employment continued to rise, but only modestly, and service providers continued to work through backlogs of outstanding business.

On the price front, input costs continued to increase, while the pass-through to output charges remained limited. Overall, the services sector continued to contribute to eurozone economic expansion in August, though the rate of growth edged lower.

The HCOB Eurozone Services PMI, compiled by S&P Global and published as a flash estimate on July 24, 2026, rose to 51.6 points in July from 49.4 points in June, returning above the 50.0 no-change threshold to signal renewed expansion in the sector.

According to the release, new orders increased at the fastest pace since April 2023, while employment turned positive for the first time this year. Among member states, Germany returned to growth for the first time in four months, France's contraction eased to marginal, and the rest of the eurozone recorded its strongest expansion in eight months.

On the cost side, both input cost and output price inflation moderated. S&P Global Chief Business Economist Chris Williamson noted "a welcome revival of economic activity in the eurozone" in July, while pointing to the volatile geopolitical environment as a factor that could affect whether the improvement is sustained.

The HCOB Eurozone Services PMI, published by S&P Global, rose to 48.9 in June 2026 from 47.7 in May, marking a three-month high. The index nonetheless remained below the 50 mark, signaling a continued, though slower, decline in services activity.

According to the release, new business kept falling but at an easing pace, while both input-cost growth and output-price inflation moderated. Service providers returned to hiring on a marginal scale, and business confidence strengthened.

The compilers also noted that most survey responses were collected before the June 17 signing of a memorandum of understanding between the US and Iran to halt hostilities.