Purchasing Managers´ Index Services, December 2011
1. Purchasing Managers’ Index – Services January 4, 2012
Services PMI climbs to 50.9 in December: signs of recovery
but risk of further decline remains
The purchasing managers’ index for services (Services PMI) rose 2.1 points in
December 2011 to 50.9, up from 48.8 in November. This is the first time since
September that the index has landed in the growth zone, which suggests that the
economic contraction observed during the fall has leveled off.
The index for new orders accounted for the largest positive contribution to the PMI,
followed by employment and supplier delivery times. The index for order backlogs
remained below the 50 mark, however, which casts some doubt on the notion that
the order scenario for service companies is improving. Growth in employment in
service companies has been significantly slower than during the first half of 2011,
but has nevertheless had a positive impact on the Swedish labor market.
Business plans for the next six months have been ratcheted up, which indicates that
companies are more optimistic about the economic outlook. That said, order
backlogs continue to shrink, which calls into question whether this optimism is
warranted.
The index for supplier intermediate goods prices rose to 54.2 in December, which
indicates a rise in cost pressure for service companies, marking a break in the
downward trend witnessed throughout most of 2011.
Services PMI
(Purchasing Managers’
Index - Services)
Seasonally adjusted
2011 Dec. 50.9
Nov. 48.8
Oct. 48.9
Sep. 51.1
Aug. 53.5
Jul. 54.0
Jun. 53.2
May 56.3
Apr. 60.7
Mar. 60.7
Feb. 61.9
Jan. 65.6
2010 Dec. 65.8
Next publication of Services PMI: Friday, February 3, 2012
Jörgen Kennemar Swedbank, Economic Research Department, +46 (0)8-5859 7730
1 (3)
Administration, +46 (0)8-5859 7740, ek.sekr@swedbank.se
Sebastian Bergfelt, Silf, +46 (0)73-944 6450, professionals@silf.se