Sweden Services Sector Growth Loses Steam in July

The Services PMI in Sweden fell to 54.2 in July 2026 from a revised 56.5 in June, which had marked the highest level since November 2025. Despite the decline, the latest reading remained above the average for the first seven months of the year (53.7). All sub-indices weakened, with the delivery times sub-index making the largest negative contribution to the PMI, falling to 60.1 from 64.9 in June, followed by new orders (55.8 vs 57.6) and business volume (54.0 vs 55.2). The employment index declined to a new annual low of 45.9 from 47.7 in the previous month. Cost pressures continued to ease significantly, with the raw and intermediate goods price index dropping to 65.5 from 75.1 in June. Its 17-point decline over the past two months was the largest in the index's 21-year history. Meanwhile, the Composite PMI fell to 54.7 in July from a seven-month high of 56.9 in June.

The Services PMI in Sweden increased to 56.6 in June 2026 from an upwardly revised 54.2 in May. The reading was the highest since November 2025 and exceeded its historical average of 55.6 for only the second time this year. The business volume sub-index made the largest contribution to the increase in the PMI, rising back to 55.3 from 49.1 in May, followed by the new orders index, which climbed to 57.5 from 54.3. However, the employment sub-index edged down to 48.0 from 48.8, remaining below the 50 threshold for the ninth consecutive month, suggesting that companies continue to hold off on hiring. Cost pressures in the services sector also eased in June, with the raw and intermediate goods price index falling to 76.3 from 81.8 in May, though it remained well above its historical average of 58.3. Meanwhile, the Composite PMI rose to 57.1 in June from 55.1 in May, marking the highest level in seven months.

The Services PMI in Sweden rose to 53.9 in May 2026 from 52.6 in April, but remained below its historical average of 55.6 for a second month. The new orders sub-index contributed the most to the improvement, rising to 53.6 from 50.6 in April. The delivery times index rose for the fourth straight month to its highest level in four years (65.7 vs 63.1), while the employment index also increased (49.1 vs 47.5) but remained in negative territory. Meanwhile, the business volume index declined (48.8 vs 51.2). Cost pressures also intensified, with the raw and intermediate goods price index climbing to 80.1 from 73.4, its highest level since 2022 and well above the historical average of 58.2. Swedbank PMI analyst Jörgen Kennemar noted that the recovery in the sector is slow and fragile, adding that despite the index being in the growth zone, activity levels may still be too weak to support meaningful job creation.