Services PMI rose to 59.8 in June: High level persists in the service sector
• The purchasing managers’ index for the service sector (Services PMI) rose to 59.8 in June from 57.0 in May. A three-month moving average for June registered 59.0, which was 0.3 points higher than the corresponding average in May and reversed a four-month slide.
• The sub-index for suppliers’ delivery times rose 5.6 points and contributed the most to the increase, adding 1.1 points to the Services PMI. The sub-index for business volumes rose to 59.5 in June from 56.1 in May, contributing 0.9 points to the Services PMI. The sub-index for employment rose to 57.9 and contributed 0.7 points to the increase. The index for planned business volumes rose to 64.4 in June.
• The sub-index for new orders registered 60.1 in June, which compared with May is an increase of 0.6 points. The index for order backlogs dropped to 54.6 in June.
• The index for prices of suppliers’ intermediate goods increased to 65.1 in June.
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: Friday, 3 August 2018
For more information: Oscar Andersson, Swedbank Makro, phone 08 – 700 92 85, firstname.lastname@example.org or Anna Sjöblom, Silf, phone 073 – 518 70 11, email@example.com