Sweden’s Services Purchasing Managers’ Index (PMI) experienced an increase, reaching 50.8 in May 2025, up from 48.7 in April. This shift indicates a moderate return to expansion following two months of contraction. The key driver of this improvement was a significant rebound in new orders, which experienced their largest monthly increase since October 2024, climbing to 51.5. Despite this positive development, overall business activity remained lackluster. The output index declined for the third consecutive month, settling at 46.9, and while employment showed a slight rise to 47.7, it still fell short of the growth benchmark. Additionally, delivery times continued to extend for the twelfth consecutive month, underscoring ongoing logistical difficulties. In terms of pricing, input cost pressures moderated as the relevant index dropped to 51.4—its lowest point since October—due to currency strength and less aggressive supplier price increases. Swedbank analyst Jörgen Kennemar highlighted signs of stabilization but emphasized the necessity for stronger global and domestic demand to ensure a sustained recovery.
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