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Financial News: Sweden Services Sector Activity Weakest Since 2009

Sweden Services Sector Activity Weakest Since 2009

05/06/2020 - 07:29:00 (RTTNews)

(RTTNews) - Sweden's services sector contracted in April at the fastest pace since 2009, due to COVID-19 pandemic, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the services sector decreased to 39.0 in April from 46.1 in March. Any reading below 50 indicates contraction in the sector.

"This is an exceptionally sharp decline, which indicates a rapidly deteriorating service economy that we have never seen before in the purchasing manager's index," Swedbank analyst Jorgen Kennemar said.

The order intake sub-index registered the largest monthly decline in April, followed by employment and business volume. Suppliers' delivery times lengthened to the record level in April.

Companies' business volume plan index came in at 38.4 in April versus 38.0 in March. This was at historically low levels, which indicate a reduced business volume over the next six months, the Swedbank reported.

The Composite PMI, which combines manufacturing and services, fell to 38.3 in April from 45.1 in the previous month.

This was the fourth lowest level in the survey history due to the coronavirus pandemic and the global economic downturn leave deep imprints in Swedish business, Kennemar said.

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