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Financial News: Sweden Services Growth Strengthens In November

Sweden Services Growth Strengthens In November

12/03/2021 - 07:29:00 (RTTNews)

(RTTNews) - Sweden's services sector expanded at the fourth fastest pace in the survey history in November, survey data from Swedbank and Silf showed on Friday.

The purchasing managers' index for the services sector rose to 68.7 in November from 68.0 in October. Any reading above 50 indicates expansion in the sector.

"The Swedish service economy continues to show a high level of activity and rising business volume plans, but risks increased challenges if the spread of infection increases and new restrictions were to be introduced," Swedbank analyst Jorgen Kennemar said.

The sub-index for order intake rose the most in November and business volume increased. The order backlog index reached a new record and business plans remained at high levels.

Meanwhile, employment and delivery times decreased.

The composite PMI, which combines manufacturing and services, rose to 67.2 in November from 66.9 in the previous month.

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