The Services PMI in Sweden jumped to 55.7 in March 2026 from February’s 48.7, returning to expansion territory after a brief contraction. The rebound was driven mainly by strong recoveries in new orders (57.8 vs 47.5 in February) and business volumes (54.9 vs 44.7), both rising back above the 50 threshold. However, the broader trend suggests some loss of momentum, with the first-quarter average below the previous quarter.

Employment remained a weak spot, staying below 50 for a sixth straight month (49.3 vs 48.8), indicating continued caution in hiring. Meanwhile, cost pressures intensified, with input prices rising to 67.8, the highest since August 2023, alongside longer supplier delivery times (59.7 vs 56.0). The Composite PMI also improved to 55.9 from 50.8, signaling stronger overall business activity. “The recovery regained pace in March after a weak February, but downside risks remain as long as the Middle East conflict persists,” said Jörgen Kennemar, Swedbank’s PMI analyst.

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