Services PMI rose to 60.1 in April: Trend remains stable
• The purchasing managers’ index for the service sector (Services PMI) rose to 60.1 in April, which is 0.9 points higher than the March reading. The increase was mainly driven by the sub-index for business volumes, which is then followed by the sub-indices for new orders and employment. A three-month moving average fell marginally, to 59.4 from 59.8 in March.
• The sub-index for business volumes rose to 62.4 in April, which is 4.0 points higher than the previous reading. This positively contributed 1.0 point to the Services PMI. At the same time the index for planned business volumes rose to 69.4, which is 2.1 points higher than the March reading.
• The sub-index for new orders registered 59.3 in April, an increase from 57.9 in March. The index for order backlogs rose 1.0 point in April, reaching 57.7.
• The index for prices of suppliers’ intermediate goods rose to 62.8 in April, which is 0.5 points higher than the March reading.
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 for both the manufacturing and service sectors. The aim of the PMI is to get a quick measure of the current state of the economy. Each month purchasing managers are surveyed and an index calculated. An index level above 50 indicates expansion, while a level below 50 signals a contraction. The PMI for the manufacturing sector is published on the first banking day of each month at 8:30 am (CET), while the corresponding index for the service sector is published on the third banking day of each month at 8:30 am (CET).
Next publication of Purchasing Managers’ Index – Services: Tuesday, 5 June 2018
For more information: Oscar Andersson, Swedbank Makro, tfn 08 – 700 92 85, email@example.com or Anna Sjöblom, Silf, tfn 073 – 518 70 11, firstname.lastname@example.org