Services PMI fell to 61.3 in January: Begins 2018 at a strong level
• The purchasing managers’ index for the service sector (Services PMI) fell to 61.3 in January from 64.6 in December. The Services PMI clearly remains at a high level, however, which means that the economic indicator suggests that 2018 has started strongly. The sub-indices for new orders and business volumes had the biggest negative impact on the Services PMI, with the former negatively contributing 1.0 point, while business volumes negatively contributed 0.9 points.
• The sub-index for business volumes fell 3.7 points to 63.9 in January. The index for planned business volumes rose at the same time to 74.3 in January from 67.4 in December.
• The sub-index for new orders registered to 61.8 in January, which is 2.8 points lower than in December. The index for order backlogs rose 6.6 points to 62.6 in January.
• The index for prices of suppliers’ intermediate goods fell to 56.9 in January from 60.2 in December.
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: Monday, 5 March 2018
For more information: Oscar Andersson, Swedbank Makro, phone 08 – 700 92 85, email@example.com or Anna Sjöblom, Silf, phone 073 – 518 70 11, firstname.lastname@example.org