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Sharp Drop In May Services PMI Input Prices

SWEDEN
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Swedish services PMI printed at 49.5 in May (vs 48.0 prior), while the composite PMI moved back into expansionary territory, hitting 50.8 (vs 49.1 prior).

  • The composite PMI was aided by the strong manufacturing PMI release seen on Monday.
  • There was a sharp moderation in the growth of services input prices, which moved to 54.2 (vs 61.2 prior). This represented the slowest rate of expansion in that sub-index since June 2023.
  • New orders and production both moved into expansionary territory in May, though the employment component softened to 47.6 (vs 51.8 prior).
  • Although we place more weight on the Economic Tendency Indicator’s signals, the moderation in the PMIs pricing component supports the idea of continued disinflation in Swedish services over the next few months.

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Swedish services PMI printed at 49.5 in May (vs 48.0 prior), while the composite PMI moved back into expansionary territory, hitting 50.8 (vs 49.1 prior).

  • The composite PMI was aided by the strong manufacturing PMI release seen on Monday.
  • There was a sharp moderation in the growth of services input prices, which moved to 54.2 (vs 61.2 prior). This represented the slowest rate of expansion in that sub-index since June 2023.
  • New orders and production both moved into expansionary territory in May, though the employment component softened to 47.6 (vs 51.8 prior).
  • Although we place more weight on the Economic Tendency Indicator’s signals, the moderation in the PMIs pricing component supports the idea of continued disinflation in Swedish services over the next few months.