Sweden’s services sector activity expanded at a softer, yet robust, pace in March, survey data from Swedbank and the logistics association SILF showed on Tuesday.
The Purchasing Managers’ Index for the services sector declined to 61.3 in March from a revised 62.5 in February. Any reading above 50 indicates expansion in the sector.
“This is the third month in a row that the index is above the 60 level, which shows a continued widespread increase in activity in the service sector and which has led to an increased need for new employment for the first time since 2019,” Swedbank analyst Jorgen Kennemar said.
Among the sub-indexes, measures for order intake and business volume declined in March, that of employment increased and the index for delivery times shortened.
Price pressure increased further in March and suppliers’ input goods prices rose to the highest level since 2011.
The composite PMI, which combines manufacturing and services, fell to 62.0 in March from 62.3 in the previous month.