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Financial News: Sweden Services Growth Quickens Unexpectedly In January

Sweden Services Growth Quickens Unexpectedly In January

02/03/2017 - 03:04:00 (RTTNews)

(RTTNews) - Sweden's service sector growth accelerated unexpectedly at the start of the year, survey results from Swedbank and the logistics association SILF showed Friday.

The purchasing managers' index for the services sector, or PMI, rose to 61.1 in January from 59.9 in December.

Meanwhile, economists had expected the index to fall to 59.0. Any reading above 50 indicates expansion in the sector.

Three of the four components contributed positively to the headline index in January.

The sub-index for business volume grew by 3.4 index points to 66.5 in January. The index for supplier intermediate goods prices rose by 2.0 index points to 59.8.

At the same time, the component index for new orders dropped to 57.7 from 63.0.

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