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Financial News: Sweden Services Growth Strengthens In July

Sweden Services Growth Strengthens In July

08/04/2021 - 07:39:00 (RTTNews)

(RTTNews) - Sweden's services sector activity expanded at the fastest pace in July, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the services sector rose to 69.1 in July from a revised 67.9 in June.

Any reading above 50 indicates expansion in the sector.

"This is the second highest level in the index's history and shows that the service economy continues to strengthen on a broad front and that can receive additional support when the corona restrictions are lifted," Swedbank analyst Jorgen Kennemar said.

Among the four sub-indices, three increased in July. Order intake and employment rose, while delivery time declined.

Suppliers' input goods prices rose to a record high.

The composite PMI, which combines manufacturing and services, increased to 68.0 in July from 67.2 in the previous month.

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