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Financial News: Sweden Service Sector Expands Most Since February

Sweden Service Sector Expands Most Since February

08/05/2020 - 06:45:00 (RTTNews)

(RTTNews) - Sweden's services sector expanded at the fastest pace in five months in July, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the services sector increased to 54.8 in July from 50.9 in June. This was the highest since February. Any reading above 50 indicates expansion in the sector.

A rapid improvement was seen in the services sector, though the interpretation of the July outcome was normally more uncertain due to holiday effects, Swedbank analyst Jorgen Kennemar said. "We need more data to make sure if it is a lasting recovery."

All the sub-indices increased in June, except in employment which ended up out of growth zone for the sixth straight month. Services providers became less optimistic, but continued to rise.

The composite PMI, which combines manufacturing and services, rose to 53.7 in July from 50.0 in the previous month. This was the highest score in five months.

It is becoming increasingly clear that the economy in the business sector has brightened in recent months, but so far the effects on employment have been modest, even though the decline has slowed down, Kennemar said.

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