HCOB Eurozone Services PMI in Eurozone

S&P Global · Monthly (flash + final) · Importance

51.6 (Aug-26) ABS · index · Monthly · CSV

Period	index
Aug 2026	51.6
Jul 2026	51.7
Jun 2026	49.4
May 2026	47.7

Period	index
Aug 2026	-0.1

Period	index
Aug 2026	1.1

About this indicator

Source

S&P Global Market Intelligence / HCOB

Frequency

Monthly (flash + final)

Release

Flash around the 23rd of the same month (10:00 CET); final around the third working day of the following month (10:00 CET, with the composite PMI).

What it is

The Eurozone Services PMI (Business Activity Index) is a diffusion index based on a survey of purchasing managers in the services sector. Above 50 signals expansion. It is compiled by S&P Global and sponsored by Hamburg Commercial Bank (HCOB), with a flash and a final reading each month.

How it's calculated

A diffusion index of business activity in the services sector, aggregated by the economic weight of each eurozone country and seasonally adjusted.

Market implications

Services make up the bulk of eurozone GDP; together with manufacturing they form the Composite PMI, a leading indicator of GDP and a reference for the ECB. A strong print supports the euro and rate expectations.

Limitations

A qualitative survey that captures the direction of change, not its magnitude. The flash reading is revised in the final.