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Financial News: Sweden Services Growth Improves In August

Sweden Services Growth Improves In August

09/05/2022 - 05:32:00 (RTTNews)

(RTTNews) - Sweden's service sector growth rebounded in August after easing in the previous three months, survey data from Swedbank and the logistics association Silf showed on Monday.

The purchasing managers' index for the services sector rose to 59.4 in August from 58.1 in July. A reading above 50 indicates expansion in the sector.

"It is a surprisingly strong number and even if the trend points downward, it is still a robust services economy that is emerging but with increased downside risks now that the industrial economy is weakening and households' purchasing power is being eroded," Swedbank analyst Jorgen Kennemar said.

Among components, the business volume sub-index accounted for the largest positive contribution to the rise in the headline index, followed by employment, while order intake and delivery times dragged down the overall index.

The index reflecting business volume plans was less optimistic in August, with the index falling to a 21-month low of 66.0 from 68.5 in July.

Cost pressures remained high in August, but the rate of inflation softened to the lowest level in more than a year.

The composite PMI, which combines manufacturing and services, rose marginally to 56.9 in August from 56.5 in the previous month.

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