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Financial News: Sweden Services Growth At 19-Month Low

Sweden Services Growth At 19-Month Low

08/03/2022 - 04:09:00 (RTTNews)

(RTTNews) - Sweden's service sector activity expanded at the weakest pace in just over one-and-a-half years in July, though still strong overall, survey data from Swedbank and the logistics association Silf showed on Wednesday.

The purchasing managers' index for the services sector fell to 58.8 in July from 62.3 in June.

However, any reading above 50 indicates expansion in the sector. The index also remained above its historical average of 56.4.

The largest negative contributor to the decline in service PMI was order intake, followed by employment and business volume, while delivery times remained unchanged.

Business plan volumes remained high, with the corresponding index climbing slightly to 69.1 in July.

In July, the supplier input price index fell for the second consecutive month to 84.1 from 86.8 in June.

"The service economy has cooled down during the summer months but is still at a good level of activity, and so far, gloomier households and rising interest rates have not left any major negative impact on the service companies' business plans, even though the downside risks have increased," Swedbank analyst Jorgen Kennemar said.

The composite PMI, which combines manufacturing and services, dropped to 57.2 in July from 59.9 in the previous month.

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