Services PMI fell to 57.1 in August: Down but a high level
• The purchasing managers’ index for the service sector (Services PMI) fell to 57.1 in August from 59.0 in July. Despite the decline, a three-month moving average for August was unchanged at 58.6 compared with the corresponding average for July.
• The sub-index for new orders produced the biggest negative contribution to the Services PMI at 1.6 points. The sub-index for business volumes negatively contributed 1.1 points after dropping 4.3 points to 56.5 in August. The sub-indices for employment and suppliers’ delivery times positively contributed to the Services PMI, adding 0.4 points each.
• The sub-index for new orders fell to 55.9 in August from 60.5 in July. The index for order backlogs also fell, to 52.0 from 57.6.
• The index for prices of suppliers’ intermediate goods was unchanged at 61.6 in August compared with July.
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: Wednesday, 3 October 2018
more information: Swedbank Makro, phone 08 – 700 92 85, email@example.com or
Anna Sjöblom, Silf, phone 073 – 518 70 11, firstname.lastname@example.org