Looking at sub-indices the outcome was mixed. The sub-index for order intake dropped to 51, from 61.3 in February. Planned business volumes, on the other hand, showed an uptick to 64.7. Also, the sub-index for employment continued to increase and now stands at 54.4, which suggests employment growing at a decent pace in the sector.
Overall, the March PMI report indicates that the domestic economy will continue to grow, though not boom, in coming months. The production trend in the service sector remains sluggish, according to monthly data from Statistics Sweden. In January, production was up a modest 0.9% over the year. (February figures are due tomorrow at 09h30.)
Details March:
Service sector PMI: 53.5 (prior 56.8)
Employment: 54.5 (prior 51.8)
New orders: 51.0 (prior 61.3)
Order books: 50.3 (prior 53.5)
Business volume: 55.6 (prior 59.9)
Planned business volume: 64.7 (prior 62.9)
Nordea