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Financial News: Sweden Services Sector Deteriorates In September

Sweden Services Sector Deteriorates In September

10/03/2019 - 08:45:00 (RTTNews)

(RTTNews) - Sweden services sector contracted in September, survey data from Swedbank and the logistics association SILF showed on Thursday.

The services purchasing managers' index, or PMI, fell to 49.8 in September from 54.2 in August. Any reading below 50 indicates contraction in the sector.

For the third quarter, the PMI reading was 52.1.

All sub-indexes fell in September, and order intake and business volume decline contributed the most to the contraction in the service sector.

"But there is a risk that service companies' plans are too optimistic due to the weaker order situation," Swedbank analyst Jorgen Kennemar said.

The composite PMI decreased to 48.8 in September from 53.5 in the previous month.

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