Sweden Services Sector Growth Cools in October

The Services PMI in Sweden fell to 55.7 in October 2026 from a downwardly revised 57.3 in September, marking its lowest reading in three months. Still, the index remained above the average for the first ten months of the year for a third consecutive month. The decline in the PMI was broad-based, with the new orders (56.1 vs. 58.8 in September) and delivery times (57.0 vs. 61.7) sub-indexes accounting for the largest declines. The business activity index edged down to 57.1 from 57.5. In contrast, the employment sub-index rose for the second month in a row (51.9 vs. 50.3). Cost pressures remained elevated, with the suppliers’ input price index falling to 71.7 from 73.2 but staying well above its historical average of 58.5. Meanwhile, the Composite PMI dropped to 57.0 from 57.7. Jörgen Kennemar, responsible for the PMI analysis, said: “Growth in the private sector remains broad, with the stronger industrial economy offsetting the weaker development in the services sector.”

The Services PMI in Sweden rose to 57.4 in September 2026 from an upwardly revised 56.0 in August, marking the highest level since November 2025. New orders were the largest positive contributor to the increase in the PMI (59.0 vs 56.4 in August), followed by delivery times (62.7 vs 60.9). The employment index also increased (49.7 vs 48.0), although it remained below the 50-point threshold for a year. Meanwhile, the business activity index edged down but remained firmly in expansion territory (57.3 vs 57.8). The sector also faced renewed price pressures, with the supplier input price index rising to 73.3, the third-highest level of 2026, from 62.1 in August. “The service economy has strengthened during the third quarter. However, the higher cost pressure is simultaneously squeezing companies’ margins and increasing the need for cost adjustments, which may delay the recovery in the labor market,” said Jörgen Kennemar, responsible for the PMI analysis.

The Services PMI in Sweden rose to 55.8 in August 2026 from a revised 54.3 in July and was above the average for the first eight months of the year (54.1). All sub-indices increased during the month, with business volume making the largest positive contribution to the rise in the services PMI, rising to 57.5 from 54.2 in July. This was followed by order intake (56.2 vs 55.8), employment (47.9 vs 46.2), and delivery times (60.9 vs 60.1). Cost pressures also eased further, as the index for raw and intermediate goods prices fell to 61.6, the lowest in six months, from 66.4 in July. “The service sector strengthened in August, with a clear increase in business volume. However, service companies are still holding off on hiring new employees, and perhaps we need a longer period of stronger service-sector activity before employment picks up,” said Jörgen Kennemar, responsible for the PMI analysis. Meanwhile, the Composite PMI increased to 55.9 in August from 54.7 in the previous month.