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Financial News: Sweden Services Growth Eases In October

Sweden Services Growth Eases In October

11/03/2021 - 08:31:00 (RTTNews)

(RTTNews) - Sweden's services sector grew at a softer pace in October, survey data from Swedbank and Silf showed on Wednesday.

The purchasing managers' index for the services sector fell to 68.0 in October from 69.6 in September. Any reading above 50 indicates expansion in the sector.

"It is far above the historical average (56.0) and consolidates the image of a continued strong service economy and which is increasingly making an impression on the labor market but also in the service companies' business plans," Swedbank analyst Jorgen Kennemar said.

Three of the four sub-indices declined in October with the measures of order intake, delivery times and business volume contributing to the decline in the services PMI.

Meanwhile, employment rose to the highest level since the autumn of 2018.

The composite PMI, which combines manufacturing and services, fell to 67.0 in October from 68.2 in the previous month.

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