Services PMI rose to 59.2 in March: Up marginally from February
• The purchasing managers’ index for the service sector (Services PMI) rose to 59.2 in March, an increase of 0.2 points compared with February. The increase was driven by the sub-indices for suppliers’ delivery times and employment, while the indices for business volumes and new orders fell. A three-month moving average indicates a slight decrease in the Services PMI, however.
• The sub-index for business volumes fell to 58.4 in March from 62.4 in February, negatively contributing 1.0 point to the Services PMI. At the same time the index for planned business volumes fell to 67.3, down 5.5 points from the February reading.
• The sub-index for new orders registered 57.9 in March, a decrease of 0.5 points compared with February. The index for order backlogs rose in the same period to 56.6 from 56.4 in February.
• The index for prices of suppliers’ intermediate goods rose to 62.2 in March, which is 1.9 points higher than the February 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: Friday, 4 May 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