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The Services PMI in Sweden fell to 49.4 in March 2025 from 50.5 in February, marking the first contraction since September 2024. The downturn was driven by a sharp decline in new orders, as weaker demand weighed on business activity. Employment also dropped, with the sub-index falling to 47.8, reflecting cautious hiring amid economic uncertainty. On prices, input cost inflation remained elevated, with raw and input costs rising to 62.1, indicating persistent cost pressures. However, output prices rose at a slower pace, declining to 52.4, as businesses struggled to pass higher costs onto customers. Despite the contraction, business volume expectations remained resilient at 58.7, indicating firms anticipate future demand recovery. Nonetheless, Swedbank PMI analyst Jörgen Kennemar warned the decline could signal a more prolonged slowdown in the services sector if demand does not improve.