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Financial News: Sweden Services Sector Expands In July

Sweden Services Sector Expands In July

08/05/2019 - 07:26:00 (RTTNews)

(RTTNews) - Swedish services activity rebounded in July after falling in the previous month, but the sluggishness in the sector remains, survey data from Swedbank and the logistics association SILF showed Monday.

The services Purchasing Managers' Index, or PMI, rose to 52.3 from 49.8 in June. A reading above 50 suggests growth in the sector.

Though it is a positive figure, below the surface are several signs of continued sluggish service cycles and weak demand, Swedbank analyst Jorgen Kennemar said.

The composite PMI climbed to 52.2 from 50.4 in June, suggesting that activity increased at the start of the third quarter, but from a low level.

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