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Financial News: Sweden Services Activity Deteriorates In June

Sweden Services Activity Deteriorates In June

07/03/2019 - 07:25:00 (RTTNews)

(RTTNews) - Sweden's services sector contracted the most in six years in June, led by declines in order intake and business volume, survey results from the Swedbank and the logistics business lobby Silf showed on Wednesday.

The purchasing managers' index, or PMI, fell to 49.9 in June from 52.8 in May. However, any reading below 50 indicates a contraction in the sector.

New orders declined for the first time in three months. Business volume slowed, but remained above the 50-line, while employment rose in June.

Input prices fell in June and the business plans declined for the second straight month.

The composite PMI fell to 50.5 in June from 52.9 in May.

"Growth in the business sector lost further momentum during the second quarter and few are seen as a downside risk to the coming GDP outcome," Jorgen Kennemar, the economists responsible for the analysis of the PMI at Swedbank, said.

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