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Financial News: Sweden Service Sector Improves In October

Sweden Service Sector Improves In October

11/04/2020 - 05:09:00 (RTTNews)

(RTTNews) - Sweden's services sector activity expanded in October, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the services sector increased to 55.0 in October from a revised 54.7 in September. Any reading above 50 indicates expansion in the sector.

"Whether it is a sign that the economic recovery in the service sector is leveling out or not is too early to assess, but the risk of a slowdown in the service economy that we have already seen in the eurozone has increased," Swedbank analyst Jorgen Kennemar said.

Three among the four sub-indices increased in October. The largest contribution came from employment, followed by business volume and delivery times.

Meanwhile, order intake fell for the second straight month in October.

Companies' business plan were more expensive in October despite increased uncertainty about the Covid-19 pandemic.

The composite PMI, which combines manufacturing and services, rose to 55.9 in October from 55.0 in the previous month.

"This is the fifth month in a row that the total index is in the growth zone and indicates a continued robust recovery in Swedish business, driven by industry," Kennemar said.

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