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Financial News: Sweden Services Growth Slows In December

Sweden Services Growth Slows In December

01/05/2022 - 07:06:00 (RTTNews)

(RTTNews) - Sweden's services sector expanded at a softer pace in December, survey data from Swedbank and the logistics association Silf showed on Wednesday.

The purchasing managers' index for the services sector fell to 67.3 in December from 68.7 in November. Any reading above 50 indicates expansion in the sector.

"The service economy continues to show a surprisingly high level of activity and so far the spread of omicrons and the introduction of new restrictions have not left any major negative imprints in the operations of the larger service companies, but the downside risks have increased," Swedbank analyst Jorgen Kennemar said.

Among the sub-indices, the largest negative contribution to the decline came from delivery time and order intake, while employment increased.

Suppliers' input goods prices declined for the second straight month in December.

The composite PMI, which combines manufacturing and services, rose to 65.8 in December from 67.1 in the previous month.

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