2026-09-29
Economic Tendency Survey September 2026
Sharply improved consumer sentiment
The Economic Tendency Indicator increased in September for the fifth consecutive month and continues to signal stronger-than-normal sentiment in the Swedish economy. The Consumer Confidence Indicator rose sharply in September and reached its highest level since December 2021. Despite the increase, consumer sentiment remains broadly in line with the historical average. Sentiment is stronger than normal across all sectors of the business sector, and in trade it is substantially stronger than normal. Firms’ pricing plans continue to indicate price increases to a greater extent than is normally the case.
Expectations regarding employment point overall to an increase in staffing levels across the business sector over the next three months, although recruitment plans vary between sectors. Hiring intentions are stronger than normal in manufacturing and construction, but weaker than normal in trade.
The Manufacturing Confidence Indicator was broadly unchanged in September and remained stronger than normal. However, the constituent questions moved in different directions. Firms’ expectations for production volume strengthened and are now considerably more optimistic than normal. At the same time, a larger share of firms reported that stocks of finished goods are excessively high.
The Confidence Indicator for construction increased and now points to stronger-than-normal sentiment. The improvement was driven by firms’ more favourable assessment of current order books and by increasingly optimistic hiring plans.
The Trade Confidence Indicator continues to signal markedly stronger-than-normal sentiment despite declining in September. Sentiment remains strongest among firms in the non-durable and durable consumer goods retail trade sector.
The Services Confidence Indicator increased slightly and continues to indicate stronger-than-normal sentiment. The rise in September was driven by a further strengthening in firms’ assessment of demand, particularly with regard to the coming three months, but also concerning the past three months.
The increase in the Consumer Confidence Indicator is explained by the questions concerning the financial situation of the household and the Swedish economy at present compared with twelve months ago. These are also the strongest-performing components of the indicator.
