Services PMI fell to 59.0 in February: Remains at a strong level
• The purchasing managers’ index for the service sector (Services PMI) fell 2.3 points to 59.0 in February. Despite the decline, the Services PMI remains at a high level. All sub-indices contributed negatively, with the sub-index for new orders accounting for the biggest negative contribution at 1.2 points.
• The sub-index for business volumes fell to 62.4 in February from 63.9 in January. The index for planned business volumes dropped 1.6 points to a reading of 72.8 in February.
• The sub-index for new orders registered 58.4 in February, which is 1.2 points lower than in January. The index for order backlogs fell to 56.4 in February. Compared with January, the reading is down 6.2 points.
• The index for prices of suppliers’ intermediate goods rose to 60.2 in February, which is 3.3 points higher than the January 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: Thursday, 5 April 2018
For more information: Oscar Andersson, Swedbank Makro, tfn 08 – 700 92 85, firstname.lastname@example.org or Anna Sjöblom, Silf, tfn 073 – 518 70 11, email@example.com