Financial News: Sweden Services Growth Retreats Slightly In August

Sweden Services Growth Retreats Slightly In August

09/04/2024 - 04:34:00 (RTTNews)

(RTTNews) - Sweden's services growth eased somewhat in August amid weaker hiring activity, survey results from Swedbank and the logistics association Silf showed on Wednesday.

The purchasing managers' index, or PMI, for the services sector dropped 52.9 in August from 53.8 in July.

However, a reading above 50 indicates expansion in the sector. The index remained above the growth zone for the third successive month.

"Despite this, the companies are holding off on new hires, this likely requires a stronger economy and lower interest rates than what we see today," Swedbank analyst Jorgen Kennemar said.

The business volume and employment sub-indices dragged down the PMI in August, with the latter remaining below the growth zone. Meanwhile, the delivery time index made a positive contribution.

Price pressures continued to ease in August, with the index for raw and input prices falling to 55.9 from 56.7 in July.

The composite output index improved to 52.8 in August from 52.5 in July, indicating that the level of activity in business is rising.

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