Sweden's Silf/Swedbank Services Purchasing Managers Index (PMI) is an indicator of business cycles in the Swedish economy, calculated by Swedbank in corporation with Silf, on the basis of a monthly survey of purchasing managers working in service sector companies. The index enables a quick evaluation of the country's economy state. It is published on the third banking day of every month, at 08:30.
Every month, a questionnaire is sent to about 200 purchasing managers employed in the service sector. The managers are asked to evaluate the state of a specific activity in their company: whether it has increased, decreased or has not changed. The respondents evaluate orders, production, employment, delivery times and inventories in warehouses.
The index value is calculated as a sum of the percentage of respondents reporting an increase and half of responses reporting no change. Values more than 50 indicate an economic growth, while values less than 50 indicate a decline.
Often purchasing managers can track changes in market conditions prior to other company employees, because purchases precede company's production activities. Purchasing managers are among the first to notice such changes. PMI is interpreted as a leading indicator of production and inflation, and it is therefore popular with analysts. The growth of the services PMI is an indicator of favorable market conditions and can be seen as positive for the krona.
The chart of the entire available history of the "Silf/Swedbank Sweden Services Purchasing Managers Index (PMI)" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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