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Financial News: Sweden Services Growth Quickens In March

Sweden Services Growth Quickens In March

04/05/2017 - 02:53:00 (RTTNews)

(RTTNews) - Sweden's service sector growth accelerated unexpectedly in March after easing in the previous month, survey results from Swedbank and the logistics association SILF showed Wednesday.

The purchasing managers' index for the services sector, or PMI, rose to 61.3 in March from 59.8 in February. Meanwhile, economists had expected the index to drop to 59.5.

Any reading above 50 indicates expansion in the sector.

All four components remained well above its growth zone in March.

The largest contribution came from the sub-index for supplier delivery times, increased by 5.5 points to 61.1 in March from 55.6 in the prior month.

The component index for new orders climbed to 61.6 in March from 59.6 in February. At the same time, the sub-index for business volume fell back to 62.6 from 64.5.

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