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Financial News: Sweden Service Sector Activity Highest In Survey History

Sweden Service Sector Activity Highest In Survey History

09/03/2020 - 07:18:00 (RTTNews)

(RTTNews) - Sweden's services sector activity was the highest level in the survey history in August, survey data from Swedbank and the logistics association SILF showed on Thursday.

The Purchasing Managers' Index for the services sector increased to 56.6 in August from 55.0 in July.

This was the highest level in the survey history. Any reading above 50 indicates expansion in the sector.

"This shows a broad recovery in the service sector after the deep fall in the spring, which in the long run should be reflected more in the labor market than has emerged so far," Swedbank analyst Jorgen Kennemar said.

The sub-index for business volume rose the most in August, followed by order intake and employment. Suppliers' delivery time fell for the seven month in a row.

Companies' business plan for the next six months were more expensive in August, though far from as expensive as before corona pandemic.

The composite PMI, which combines manufacturing and services, rose to 55.7 in August from 54.0 in the prior month.

"This strengthens the image that the recovery in the business sector has gained momentum during the third quarter, albeit from low levels," Kennemar said.

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