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Financial News: Sweden Services Activity Strengthens In February

Sweden Services Activity Strengthens In February

03/03/2021 - 06:23:00 (RTTNews)

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

The Purchasing Managers' Index for the services sector rose to 62.7 in February from a revised 59.6 in January. Any reading above 50 indicates expansion in the sector.

The sub-index for order intake accelerated in February and delivery time shortened. Meanwhile, business volume and employment declined.

Price pressure and suppliers' input goods prices increased in February.

The composite PMI, which combines manufacturing and services, rose to 62.4 in February from 60.4 in the previous month.

The Index levels above the 60 for the second month in a row indicate that the strength of the economy, Swedbank analyst Jorgen Kennemar said.

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