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Financial News: Sweden Service Sector Strong Growth Continues

Sweden Service Sector Strong Growth Continues

10/05/2021 - 10:19:00 (RTTNews)

(RTTNews) - Sweden's services sector grew at the second fastest pace on record in September, leading to more jobs, survey data from Swedbank and Silf showed Tuesday.

The purchasing managers' index for the services sector climbed to 69.6 from 65.1 in August. That was the second highest reading in the history of the index.

The expansion in the service sector continues at high speed, which has also contributed to an increased need for new employment as well, Swedbank analyst Jorgen Kennemar said.

All sub-indices rose in September with the measures for order intake and delivery times accounting for the largest contributions to the rise in PMI services.

The composite PMI, which combines manufacturing and services, rose to 68.2 in September from 63.7 in August, driven by the service sector.

The reading was the second highest in the history of the index, which shows a strong economic upturn in the business sector, which can gain further momentum now when the Covid restrictions have been removed, Kennemar added.

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