Financial News: Sweden Services Activity Expands Slightly In April

Sweden Services Activity Expands Slightly In April

05/04/2023 - 04:40:00 (RTTNews)

(RTTNews) - Sweden's service sector activity returned to growth territory after contracting in the previous two months, survey results from Swedbank and the logistics association Silf showed on Thursday.

The purchasing managers' index, or PMI, for the services sector rose to 50.5 in April from 49.9 in March.

Any reading below 50 suggests contraction, while a score above indicates expansion in the sector.

"We also see an upswing in the US and Europe, but the downside risks for the Swedish service sector remain challenging due to households' shrinking purchasing power and reduced housing construction," Swedbank analyst Jorgen Kennemar said.

The order intake sub-index accounted for the largest positive contribution to the headline PMI, followed by business volume. Meanwhile, the index measuring delivery times fell further to the lowest level since 2009.

Input price inflation eased in April, with the corresponding index falling to 57.5 from 69.1 in March.

Data also showed that the composite PMI came in at 49.1 in April versus 48.7 in March, indicating that the level of activity in the business world continued to fall, albeit at a slower pace.

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