Sweden’s Services PMI climbed to 53.9 in May 2026 from 52.6 in April, but for a second consecutive month remained below its historical average of 55.6. The biggest contribution to the improvement came from the new orders sub-index, which rose to 53.6 from 50.6 in April.
The delivery times index increased for the fourth month in a row, reaching 65.7 (up from 63.1) — its highest level in four years. The employment index also edged higher, to 49.1 from 47.5, though it continued to signal contraction. By contrast, the business volume index weakened, falling to 48.8 from 51.2.
Cost pressures intensified. The price index for raw and intermediate goods jumped to 80.1 from 73.4, its highest reading since 2022 and well above the historical average of 58.2.
According to Swedbank PMI analyst Jörgen Kennemar, the sector’s recovery remains “slow and fragile.” He cautioned that, although the headline index is in expansionary territory, overall activity is likely still too subdued to generate substantial employment growth.
