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Purchasing Manager's Index – Services

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The Purchasing Managers’ Index (PMI) is a business cycle indicator for the Swedish economy, produced by Swedbank in cooperation with Silf. The PMI is produced both for the manufacturing and the service sector. The aim of the Purchasing Managers’ Index is to get a quick measure of the current state of the economy. Each month, purchasing managers are surveyed and an index is calculated. An index level of above 50 indicates expansion, while an index level of below 50 signals a contraction. The Purchasing Managers’ Index for the manufacturing sector is published on the first banking day of each month at 08:30, while the corresponding index for the service sector is published on the third banking day of each month at 08:30.

The latest publications

Services PMI rose to 49.2 in June: Big jump after the spring swoon

The purchasing managers’ index for the private service sector (Services PMI) registered 49.2 in June after an upward revision to 41.6 in May. Since bottoming out in April, the index has risen 9.5 points, indicating that the slump in the service sector has come to an end. The rapid recovery is partly a rebound after the severe downtown this spring but is also getting support from the easing of coronavirus restrictions, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for PMI Services June 2020 (pdf)

Services PMI rose to 40.9 in May: Economic decline eased slightly

The purchasing managers’ index for the private service sector (Services PMI) turned slightly higher in May to 40.9 from 39.0 in April after a big decline in March and April. Although the worst is probably now over for the Services PMI, there aren’t yet any clear signs of a speedy recovery in the service sector, as service companies’ business plans indicate, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for PMI Services May 2020 (pdf)

Services PMI fell to 46.9 in March: Rapid drop in the service sector

The purchasing managers’ index for the private service sector (Services PMI) fell to 46.9 in March from 56.4 in February. This is the largest monthly decline in the index’s 15-year history, and it is now at the lowest level since 2012. The decrease in the Services PMI was mitigated, however, by rising delivery times, but this is probably more a supply problem than a sign of increased demand. The underlying trend in the Services PMI may therefore be lower, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for PMI Services March 2020 (pdf)

Services PMI rose to 56.7 in February: Growth but dark clouds threaten

The purchasing managers’ index for the private service sector (Services PMI) increased in February to 56.7 from an upward revision of 53.2. This is the highest reading since autumn 2018 and indicates increased activity in the service sector. However, the uncertainty surrounding the coronavirus and its impact on growth raises the risk of a slowdown in the service sector in the coming months, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for PMI Services February 2020 (pdf)

Services PMI rose to 52.5 in January: Back to the growth zone

The purchasing managers’ index for the private service sector (Services PMI) increased in January by 3.4 points to 52.5 compared with December, putting it back in the growth zone. While the Services PMI is still lower than normal, the downward trend has been broken and a weak recovery has begun in recent months. The risk of a setback remains high, however, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for PMI Services January 2020 (pdf)

Services rose to 48.7 in December: Recovery from low level

The purchasing managers’ index for the private service sector (Services PMI) reached 48.7 in December, compared with 47.9 in November. It is the first time since August that the index rose. While four months in a row outside the growth zone shows that service activity continues to be weak, there are bright spots, not least in companies’ business plans, which remain expansionary even though the risks on the downside are high, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for December 2019 (pdf)

Services PMI fell to 47.9 in November: Weaker activity than normal

The purchasing managers’ index for the private service sector (Services PMI) dropped in November for the third month in a row to 47.9 from 49.4 in October.

- The decrease in the index means that service sector activity is continuing to decline in the fourth quarter to levels that have not been seen in six years and that are contributing to lower hiring needs in service companies, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for November 2019 (pdf)

Services PMI fell to 49.5 in October: Cooler service sector

The purchasing managers’ index for the private service sector (Services PMI) dropped in October to 49.5 from 49.8 in September, which is a smaller decline than the previous month. That the Services PMI is below the 50 mark for the second
month in a row indicates a slowing service sector. It is also beginning to impact employment, which noted the biggest decrease in October, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for October 2019

Services PMI fell to 49.8 in September: Weak finish to the third quarter

The purchasing managers’ index for the private service sector (Services PMI) dropped 4.4 points in September to 49.8. The index stayed in the growth zone in the third quarter at 52.1, but it continues to be lower than the historical average. This suggests weaker service activity than normal, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for September 2019

Services PMI rose to 54.1 in August: Increase but from low level

The purchasing managers’ index for the private service sector (Services PMI) rose in August to 54.1 and reached the highest level since March of this year. The upturn came in large part through an increase in new orders, which we know can show large monthly fluctuations, because of which the August outcome shouldn’t be over-interpreted, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report August 2019

Services PMI fell to 49.9 in June: Cooling service sector

The purchasing managers’ index for the private service sector (Services PMI) fell in June to 49.9 from a downward revision of 52.8 in May, reaching the lowest level in six years. While individual months should be interpreted with caution, especially the summer months, the Services PMI is clearly trending downward, signaling a cooling Swedish service economy, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for June 2019

Services PMI fell to 53.3 in May: Slowdown in the service economy

The purchasing managers’ index for the private service sector (Services PMI) fell by 0.6 points in May to 53.3, the lowest level since 2016. This marks the third month in a row that the Services PMI has fallen, reinforcing the downturn in the service economy that has continued since 2018, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for May 2019

Services PMI fell to 54.0 in April: Downward but signs of stabilization

The purchasing managers’ index for the private service sector (Services PMI) fell for the second consecutive month, to 54.0 in April from 55.1 in March. A three-month moving average shows, however, that the index has stabilized in recent months and it may be the first indication that it has bottomed out, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank. The months ahead will be critical therefore to where the sector is headed.

Read the full report for April 2019

Services PMI fell to 55.3 in March: Slowdown in the economy

The purchasing managers’ index for the private service sector (Services PMI) fell in March to 55.3 from 55.8 in February. While the service sector is still in the growth zone, it has gradually lost momentum in recent quarters, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank. Since the first quarter of 2018 the Services PMI has fallen 4.1 points.

Read the full report for March 2019

Services PMI rose to 55.9 in February: Bright spots in the service sector

Services PMI rose to 55.9 in February from 54.2 in January. It was a broad-based increase and means that service sector activity strengthened in February. The trend is still downward, however, despite bright spots, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank. The coming months will be pivotal to where the service economy is headed.

Read the full report for February 2019

Services PMI dropped to 54.1 in January: Weak start to 2019

The purchasing managers’ index for the service sector (Services PMI) fell for the second month in a row, to 54.1 in January from 55.8 in December. The slowdown in the service sector continued in the first month of the year, consolidating the downward trend that began in 2018, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for January 2019

Services PMI dropped to 56.4 in December: Broad decline but still in the growth zone

The purchasing managers’ index for the service sector (Services PMI) fell to 56.4 in December from 61.1 in November and reached the second lowest level in 2018. It was a broad decline and a clear reversal after November’s strong numbers, says Jörgen Kennemar, who is responsible for PMI analysis at Swedbank.

Read the full report for December 2018

Services PMI rose to 62.2 in November: New yearly high

The purchasing managers’ index for the service sector (Services PMI) rose by 5.8 points in November to 62.2 after having fallen four months in a row. It is too early, however, to determine whether conditions for service companies are going to strengthen.

Read the full report for November 2018

Services PMI fell to 56.3 in October: Slowing expansion

The purchasing managers’ index for the service sector (Services PMI) fell to 56.3 in October from 56.6 in September. This means that the total index declined for the fourth consecutive month, reaching a new low for the year.

Read the full report for October 2018

Services PMI fell to 56.6 in September: Downturn from high level

The purchasing managers’ index for the service sector (Services PMI) fell to 56.6 in September from 57.1 in August. The September outcome means that the total index continued to decline in the third quarter and for the second quarter in a row, but remains in the growth zone (over 50).

Read the full report for September 2018

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