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Financial News: Sweden Service Sector Shrinks At Slower Pace In

Sweden Service Sector Shrinks At Slower Pace In May

06/03/2020 - 06:16:00 (RTTNews)

(RTTNews) - Sweden's services sector contracted at a slower pace in May, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the services sector increased to 40.9 in May from 39.0 in April. Any reading below 50 indicates contraction in the sector.

There are no clear signs of an imminent recovery in the business cycle, Swedbank analyst Jorgen Kennemar said.

Order intake showed the largest increase in May, followed by employment. Meanwhile, suppliers' delivery time lengthened and business volume declined in May.

The composite PMI, which combines manufacturing and services, rose to 40.5 in May from 38.3 in the previous month.

However, the outlook for the Swedish business sector for the next few months remains challenging, Kennemar said.

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