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Financial News: Sweden Services Growth Highest In 15 Years

Sweden Services Growth Highest In 15 Years

06/03/2021 - 06:53:00 (RTTNews)

(RTTNews) - Sweden's services sector activity rose in May at the fastest pace in the survey's 15-year history, survey data from Swedbank and the logistics association SILF showed on Thursday.

The Purchasing Managers' Index for the services sector rose to 71.7 in May from a revised 65.6 in April. Any reading above 50 indicates expansion in the sector.

"This is the highest level in the index's more than 15-year history and means that the stronger service economy is gaining ground and which also tends to lead to more jobs when coronary restrictions are gradually withdrawn," Swedbank analyst Jorgen Kennemar said.

All the sub-indices increased in May. Order intake and business volume rose to record high, while employment increased to the highest level since the end of 2018.

Price pressures increased in May and suppliers' input prices rose to a record high.

The composite PMI, which combines manufacturing and services, rose to 70.2 in May from 67.2 in the previous month.

The latest index was the highest level to date and shows that the recovery in the business sector was faster than in the economic upswing after the global financial crisis just over a decade ago, Kennemar said.

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