FX.co ★ Sweden Services PMI Jumps Back Above 50

Sweden’s Services PMI surged to 55.7 in March 2026 from 48.7 in February, moving back into expansion territory after a brief contraction. The rebound was driven chiefly by strong recoveries in new orders (57.8 vs. 47.5 in February) and business volumes (54.9 vs. 44.7), both climbing back above the 50-point growth threshold.

Despite the solid March reading, the broader trend points to a loss of momentum, with the first-quarter average coming in below that of the previous quarter. Employment remained a weak spot, staying under 50 for the sixth consecutive month (49.3 vs. 48.8), underscoring continued cautiousness in hiring.

At the same time, cost pressures intensified. Input prices rose to 67.8, the highest level since August 2023, while supplier delivery times lengthened further (59.7 vs. 56.0), indicating mounting capacity constraints and supply-side frictions.

The Composite PMI also strengthened, rising to 55.9 from 50.8, signaling a broader pickup in 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.