瑞典的服务业采购经理人指数从5月份的50.9小幅上调至2025年6月的54.6，标志着自2022年10月以来最强劲的扩张。这一改善主要是由于新订单和商业活动的急剧增加，分别达到59.5和57.6的三年高点。然而，劳动力市场状况仍然疲软，就业指数降至43.4，为2020年以来的最低水平，表明企业仍不愿招聘。与此同时，交货时间连续13个月延长，表明物流摩擦持续存在。在价格方面，投入成本小幅上涨至53.5，但第二季度平均水平表明成本压力持续缓解。瑞典银行分析师Jörgen Kennemar指出，强劲的数据打破了最近的停滞，但强调需要进一步的数据来证实更广泛的复苏。

Sweden’s Services PMI rose to 54.6 in June 2025 from a slightly revised 50.9 in May, marking the strongest expansion since October 2022. The improvement was largely driven by sharp increases in new orders and business activity, both reaching three-year highs at 59.5 and 57.6, respectively. However, labor market conditions remained weak, with the employment index falling to 43.4—its lowest level since 2020—indicating firms are still hesitant to hire. Meanwhile, delivery times lengthened for a 13th consecutive month, pointing to persistent logistical frictions. On prices, input costs rose modestly to 53.5, but second-quarter averages suggest continued easing cost pressures. Swedbank analyst Jörgen Kennemar noted the strong reading breaks the recent stagnation but stressed the need for further data to confirm a broader recovery.

瑞典瑞典银行制造业采购经理人指数从5月份的53.1降至2025年6月的51.9，为2024年9月以来的最低水平，表明该行业的势头进一步减弱。放缓的主要原因是订单量急剧下降，从5月份的50.6降至49，低于中性50阈值，表明需求萎缩。生产增长也放缓，分项指数从58.8降至55.9。就业扩张也有所放缓，该指数从53.5降至52.2。与此同时，交货时间略有缩短（50.3比50.9），表明供应链压力有所缓解，库存水平下降（47.8比50.9。在价格方面，投入成本压力仍然较小，供应商原材料和投入价格指数从49.8微升至50.3，表明成本大致稳定。

Sweden’s Swedbank Manufacturing PMI fell to 51.9 in June 2025 from 53.1 in May, marking the lowest reading since September 2024 and signaling a further loss of momentum in the sector. The slowdown was primarily driven by a sharp drop in order intake, which fell below the neutral 50 threshold to 49 from 50.6 in May, indicating contracting demand. Production growth also lost pace, with the sub-index easing to 55.9 from 58.8. Employment expansion softened as well, with the index slipping to 52.2 from 53.5. Meanwhile, delivery times shortened slightly (50.3 vs 50.9), suggesting easing supply chain pressures, and inventory levels declined (47.8 vs 50.9), possibly reflecting weaker restocking efforts amid ongoing economic uncertainty. On the price front, input cost pressures remained subdued, as the index for suppliers’ raw material and input prices edged up to 50.3 from 49.8, pointing to broadly stable costs.

2025年5月，瑞典零售额同比下降1.8%，扭转了上个月4.9%的强劲下调增长。这是自去年8月以来零售活动的首次下降，主要是由于耐用品（-1.5%对4月份的8.5%）和消耗品（-1.4%对1.9%）的销售额大幅下降。按月计算，零售业下降4.8%，这是四个月来的首次下降，此前一段时间上调了1.5%。

Retail sales in Sweden fell by 1.8% year-on-year in May 2025, reversing a strong downwardly revised 4.9% increase in the previous month. This marked the first decline in retail activity since August last year, mainly due to significant declines in sales of durable goods (-1.5% vs 8.5% in April) and consumables (-1.4% vs 1.9%). On a monthly basis, retail trade decreased by 4.8%, the first drop in four months, following an upwardly revised 1.5% in the preceding period.

瑞典家庭贷款的年增长率从上个月的2.3%上升到2025年5月的2.4%，为2023年2月以来的最高水平。住房贷款占家庭贷款总额的83%，5月份同比小幅增长至2.1%，而前一个月为2%。与此同时，消费贷款占家庭贷款总额的6%，年增长率为4.9%，与4月份持平。5月份新抵押贷款协议的平均利率为3.03，平均浮动利率为3.06%。2025年5月，非金融企业贷款年增长率上升1.9%，连续第四个月保持正增长。

The annual growth rate of lending to Swedish households rose to 2.4% in May 2025 from 2.3% in the previous month, marking the highest reading since February 2023. Housing loans, which make up 83% of total household lending, saw a slight increase to 2.1% year-on-year in May, compared to 2% in the prior month. Meanwhile, consumption loans, accounting for 6% of total household lending, grew at an annual rate of 4.9%, the same pace with April. The average interest rate on new mortgage agreements was 3.03 in May, with the average floating rate at 3.06%. The annual growth rate for lending to non-financial corporations rose 1.9% in May 2025, remaining in positive territory for the fourth consecutive month.