The Purchasing Managers' Index (PMI) for services decreased from 54.4 in January to 54.0 in February, indicating a slowdown in the growth of the service sector, although it remains in the expansion zone. Most component indices fell, except for business activity, which saw an increase, suggesting a positive outlook due to rising business plans. Additionally, the index for supplier prices dropped, likely influenced by a cooler overall economy and a stronger Swedish krona.

1. Purchasing Managers’ Index – services March 5, 2012
Services PMI drops to 54.0 in February: the service sector
economy is stabilizing
 The purchasing managers’ index for services (Services PMI) dropped marginally
from 54.4 in January to 54.0 in February. This marks a break in the upturn observed
since December. Still, the index remains in the growth zone, which indicates that the
service sector is expanding, albeit at a somewhat slower pace.
 All but one of the Services PMI’s component indices fell, the exception being the
index for business activity, which climbed 2.8 points. This increase in business
activity may reflect the increase in new orders observed in January. The indices for
new orders, employment, and supplier delivery times all fell in February, but all
remain above the 50 mark.
 Service companies have ratcheted up their business plans for the next six months,
which are now at their highest level since July. This indicates that the service
sector’s outlook for the economy remains positive.
 The index for supplier intermediate goods prices dropped in February. A cooling
trend in the overall economy and a stronger Swedish krona may have contributed to
lower cost pressure for service providers.
Services PMI
(Purchasing Managers’
Index - Services)
Seasonally adjusted
2012 Feb. 54.0
Jan. 54.4
Dec. 51.1
Nov. 48.9
Oct. 49.0
Sep. 51.2
Aug. 53.5
Jul. 54.1
Jun. 53.3
May 56.4
Apr. 60.8
Mar. 60.8
Feb. 61.4
Next publication of Services PMI: Wednesday, April 4, 2012
Magnus Alvesson Swedbank, Ekonomic Research Department, +46 (0)8-5859 3341
1 (4)
Administration, +46 (0)8-5859 7740, ek.sekr@swedbank.se
Sebastian Bergfelt, Silf, +46 (0)73-944 6450, professionals@silf.se

2. Silf/Swedbank’s Purchasing Managers’ Index Service Sector. seasonally adjusted
Components of PMI Other indicies Forecast
Total index Business Delivery New Employ- Back -log Prices Planned
activity times orders ment of orders business
activity
2006 okt 61.8 68.1 55.3 62.9 58.5 56.6 55.0 68.2
nov 64.4 65.8 62.1 63.6 66.1 60.5 55.8 73.6
dec 67.4 71.9 59.8 68.3 68.0 58.7 53.2 75.3
2007 jan 65.7 70.4 60.9 66.7 62.7 62.1 57.8 73.7
feb 62.2 69.7 60.0 61.9 55.4 61.5 60.0 69.5
mar 59.3 60.5 54.8 61.6 58.2 56.8 56.0 68.8
apr 65.9 72.9 59.8 69.3 57.2 64.5 57.7 66.4
maj 60.6 61.9 59.4 61.6 58.2 65.9 59.9 66.4
jun 62.5 62.5 57.3 65.0 63.4 62.5 55.3 63.7
jul 60.2 63.7 61.1 61.0 53.5 60.0 58.5 64.9
aug 57.1 58.1 58.9 55.1 57.6 53.3 58.5 61.2
sep 58.6 59.7 57.5 55.8 63.3 57.7 52.9 62.9
okt 57.7 56.7 57.0 57.3 60.5 53.8 57.6 70.0
nov 61.3 67.5 55.4 61.7 58.6 59.3 61.5 55.3
dec 62.2 67.0 57.1 61.2 63.0 64.8 62.1 60.3
2008 jan 57.3 59.5 52.6 55.7 61.8 55.0 63.2 67.3
feb 55.8 56.2 54.2 57.8 53.5 58.6 61.1 63.7
mar 54.4 53.9 52.4 53.8 58.3 52.6 59.4 71.5
apr 52.4 53.1 49.0 49.3 60.5 53.0 55.9 61.6
maj 60.4 68.3 50.4 57.1 66.3 55.5 56.2 63.7
jun 52.5 56.0 49.7 47.9 58.8 45.8 63.8 63.8
jul 53.2 57.4 45.3 49.3 62.5 44.8 66.3 59.6
aug 50.6 53.1 49.4 45.6 57.4 49.4 57.4 61.0
sep 52.6 56.9 47.9 47.7 60.2 39.3 58.2 57.2
okt 43.0 44.9 46.0 36.1 49.8 44.9 58.3 49.1
nov 44.4 44.3 50.1 37.6 50.5 36.4 53.6 43.4
dec 38.2 37.8 39.9 36.7 39.6 37.1 45.2 40.4
2009 jan 34.8 32.8 42.3 34.5 30.2 27.1 48.6 33.7
feb 37.6 36.3 38.7 35.2 42.4 34.6 47.3 40.3
mar 40.6 43.9 41.5 42.3 32.5 39.2 48.3 36.8
apr 39.9 40.9 38.8 39.7 40.0 38.9 42.4 46.2
maj 40.4 44.0 42.4 43.3 28.9 38.0 40.6 43.9
juni 41.8 43.5 40.1 46.4 33.5 44.2 35.3 51.4
juli 42.6 44.9 38.1 47.2 36.1 42.6 40.2 54.9
aug 45.8 51.4 40.8 50.6 35.3 47.7 45.7 56.0
sep 49.1 53.3 46.0 56.0 34.9 54.8 49.4 59.6
okt 55.7 62.8 47.5 63.4 41.4 63.3 45.3 62.2
nov 51.8 57.1 48.3 57.4 39.0 57.6 44.7 68.3
dec 47.6 52.6 46.8 49.6 38.5 48.6 52.4 61.4
2010 jan 54.7 59.0 50.7 58.2 47.1 55.0 48.6 61.6
feb 60.3 63.0 53.9 66.8 52.1 60.7 46.3 74.7
mar 61.4 65.0 58.4 63.7 55.7 60.4 56.0 71.9
apr 62.2 66.1 60.7 64.2 55.2 61.0 60.1 73.8
maj 59.1 60.1 59.4 60.2 55.6 58.6 62.4 68.9
juni 59.7 61.4 62.1 61.2 52.7 61.3 62.0 69.0
juli 63.0 66.4 61.0 65.9 55.4 63.0 63.1 71.3
aug 64.0 66.4 61.9 67.8 56.6 64.1 62.2 70.7
sep 61.5 60.1 64.7 64.4 54.7 60.7 63.7 74.3
okt 64.3 65.9 62.0 68.2 58.0 62.0 60.6 77.4
nov 64.6 65.5 59.2 68.2 62.7 64.5 65.8 78.6
dec 65.9 69.8 64.6 65.6 62.9 60.8 63.6 77.0
2011 jan 65.1 70.2 61.2 65.0 62.6 63.5 67.1 77.7
feb 61.4 61.6 62.5 60.5 61.7 58.3 68.9 69.0
mar 60.8 64.4 60.5 58.9 60.0 55.8 64.7 69.7
apr 60.8 62.7 60.0 61.1 58.9 58.1 65.0 67.3
maj 56.4 55.9 58.1 55.1 57.7 50.2 59.9 67.0
juni 53.3 58.5 54.6 47.9 55.1 48.0 57.5 62.1
juli 54.1 54.9 55.5 52.3 54.7 53.2 54.1 62.1
aug 53.5 53.7 55.4 53.3 51.7 49.4 55.0 59.5
sep 51.2 52.3 51.6 48.1 54.7 47.8 54.2 57.4
okt 49.0 48.8 51.0 45.4 53.7 45.7 52.9 53.6
nov 48.9 50.0 49.2 46.8 51.1 45.7 53.6 54.4
dec 51.1 50.7 50.5 50.6 52.9 47.6 54.3 57.7
2012 jan 54.4 54.3 50.7 56.4 54.5 55.5 55.1 58.8
feb 54.0 57.1 50.0 54.0 54.0 48.0 53.8 60.5
2 (4)

3. Silf/Swedbank’s Purchasing Managers’ Index Service Sector, orginal
Components of PMI Other indicies Forecast
Total index Business Delivery New Employ- Back -log Prices Planned
activity times orders ment of orders business
activity
okt 60.8 67.0 56.1 61.2 57.1 55.0 53.0 66.0
nov 62.2 64.1 62.0 59.8 64.1 56.5 52.2 69.6
dec 63.6 67.4 57.4 64.9 62.8 56.4 48.9 71.3
jan 60.9 63.3 58.3 62.2 58.2 57.1 59.2 71.4
feb 61.7 68.9 60.0 62.2 53.3 64.0 61.1 71.1
mar 60.6 63.4 52.4 64.6 58.5 59.8 56.1 69.5
apr 68.7 76.2 59.5 73.8 59.5 67.9 59.5 70.2
maj 63.8 66.3 60.5 65.1 61.6 69.8 62.8 70.9
jun 68.0 69.0 60.7 70.2 70.2 66.7 57.1 67.1
jul 56.1 56.3 64.1 53.1 53.1 53.1 59.4 65.6
aug 58.8 60.0 57.8 57.8 60.2 55.6 57.8 60.2
sep 60.4 63.1 58.1 58.1 63.4 58.1 53.5 61.6
okt 56.7 55.6 57.8 55.6 59.1 52.2 55.6 67.8
nov 59.1 65.8 55.3 57.9 56.6 55.3 57.9 51.3
dec 58.4 62.5 54.7 57.8 57.8 62.5 57.8 56.3
jan 52.5 52.4 50.0 51.2 57.3 50.0 64.6 65.0
feb 55.3 55.4 54.2 58.1 51.4 61.1 62.2 65.3
mar 55.8 56.8 50.0 56.8 58.6 55.6 59.5 72.2
apr 55.2 56.4 48.7 53.8 62.8 56.4 57.7 65.4
maj 63.6 72.7 51.5 60.6 69.7 59.4 59.1 68.2
jun 58.0 62.5 53.1 53.1 65.6 50.0 65.6 67.2
jul 49.1 50.0 48.3 41.4 62.1 37.9 67.2 60.3
aug 52.3 55.0 48.3 48.3 60.0 51.7 56.7 60.0
sep 54.3 60.3 48.5 50.0 60.3 39.7 58.8 55.9
okt 42.0 43.8 46.8 34.4 48.4 43.3 56.3 46.9
nov 42.2 42.6 50.0 33.8 48.5 32.4 50.0 39.4
dec 34.4 33.3 37.5 33.3 34.4 34.8 40.9 36.4
jan 30.0 25.7 39.7 30.0 25.7 22.1 50.0 31.4
feb 37.1 35.5 38.7 35.5 40.3 37.1 48.4 41.9
mar 41.9 46.8 39.1 45.3 32.8 42.2 48.4 37.5
apr 42.7 44.2 38.5 44.2 42.3 42.3 44.2 50.0
maj 43.6 48.4 43.5 46.8 32.3 41.9 43.5 48.4
juni 47.3 50.0 43.5 51.6 40.3 48.4 37.1 54.8
juli 38.5 37.5 41.1 39.3 35.7 35.7 41.1 55.6
aug 47.5 53.3 39.7 53.3 37.9 50.0 45.0 55.0
sep 50.9 56.7 46.6 58.3 35.0 55.2 50.0 58.3
okt 54.7 61.7 48.3 61.7 40.0 61.7 43.3 60.0
nov 49.7 55.4 48.2 53.6 37.0 53.6 41.1 64.3
dec 43.7 48.1 44.4 46.2 33.3 46.3 48.1 57.4
jan 49.9 51.9 48.1 53.7 42.6 50.0 50.0 59.3
feb 59.8 62.2 53.9 67.1 50.0 63.2 47.4 76.3
mar 62.7 67.9 56.0 66.7 56.0 63.4 56.1 72.6
apr 65.0 69.4 60.4 68.7 57.5 64.4 61.9 77.6
maj 62.3 64.5 60.5 63.7 59.0 62.5 65.3 73.4
juni 65.2 67.9 65.5 66.4 59.5 65.5 63.8 72.4
juli 58.9 59.0 64.0 58.0 55.0 56.1 64.0 72.0
aug 65.8 68.3 60.8 70.5 59.2 66.4 61.5 69.7
sep 63.2 63.5 65.3 66.7 54.8 61.1 64.3 73.0
okt 63.4 64.8 62.8 66.5 56.6 60.4 58.6 75.2
nov 62.5 63.8 59.1 64.4 60.7 60.5 62.2 74.6
dec 62.1 65.3 62.2 62.2 57.7 58.5 59.3 73.0
jan 60.3 63.1 58.6 60.5 58.1 58.5 68.5 75.4
feb 60.9 60.8 62.5 60.8 59.6 60.8 70.0 70.6
mar 62.2 67.3 58.1 61.9 60.3 58.8 64.8 70.4
apr 63.6 66.0 59.7 65.6 61.2 61.5 66.8 71.1
maj 59.6 60.3 59.2 58.6 61.1 54.1 62.8 71.5
juni 58.8 65.0 58.0 53.1 61.9 52.2 59.3 65.5
juli 50.0 47.5 58.5 44.4 54.3 46.3 55.0 62.8
aug 55.2 55.6 54.3 56.0 54.3 51.7 54.3 58.5
sep 53.0 55.7 52.2 50.4 54.8 48.2 54.8 56.1
okt 48.0 47.7 51.8 43.7 52.3 44.1 50.9 51.4
nov 46.8 48.3 49.1 43.0 49.1 41.7 50.0 50.4
dec 47.2 46.2 48.1 47.2 47.7 45.3 50.0 53.7
jan 49.6 47.2 48.1 51.9 50.0 50.5 56.5 56.5
feb 53.5 56.3 50.0 54.3 51.9 50.5 54.9 62.1
3 (4)

4. Silf/Swedbank’s
Purchasing Managers’ Index – Services
- objectives and methodology
History Silf and Swedbank AB publ. made the first joint – internal – calculation of
the “Purchasing Managers’ Index” for the service sector of the four
indexes (PMI) during 2005. The model for PMI – Services is the U.S.
based Non-Manufacturing Index and the Swedish PMI, which has been
published since November 1994
Participants About 200 purchasing managers in the service sector.
Publication Third weekday of each month, 8:30 am.
Analysis Period Comparison with previous month.
Composition
of PMI – Services (%) New orders (within the company) 35
Business activity (within the company) 25
Employment (within the company) 20
Suppliers’ Delivery Times 20
Other leading indicators
(not included in PMI – Services) Backlog of Orders
Suppliers’ intermediate goods prices
Planned business activity next six months
Objective Quick economic indicator
Simple statistics
Statistics with relatively short publication intervals
Constant contact with a well-informed professional group
Calculation According to “diffusion index”. Positive changes are noted in percent for
the four sub indexes. The percentage of unchanged replies, multiplied by
0.5, is added to this figure. Then the different sub indexes are weighted as
described above to reach the total index. The Purchasing Managers’
Index – Services does not indicate activity levels but rather monthly
changes in activity in the service sector.
“Break-even” The dividing line between growth and decline – in line with US praxis –
has been drawn at a total index of 50. However, this boundary or “neutral
growth zone” should not be applied excessively. Rather, “Break-even” at
50 indicates a target value.
We believe we have used reliable sources and procedures to generate and analyze the Purchasing Managers’ Index (PMI –
Services). However, Swedbank AB (publ) and SILF (earlier Organisationen för Inköp och Logistik, /I&L/ – The Organization
for Purchasing and Logistics) cannot guarantee the accuracy or completeness of the analyses and cannot be responsible for
any errors or omissions in the basic data or processing thereof. The reader should base any decisions on other background
material as well.
Swedbank AB (publ), SILF. their employees, and other coworkers accept no liability whatsoever for any direct or
consequential loss or injury of any kind arising from any errors or omissions in the analyses presented in the Purchasing
Managers’ Index – Services.
4 (4)