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Financial News: Sweden Services Sector Deteriorates For Second Month

Sweden Services Sector Deteriorates For Second Month

11/05/2019 - 06:32:00 (RTTNews)

(RTTNews) - Sweden services sector deteriorated for the second month in a row in October, survey data from Swedbank and the logistics association SILF showed on Tuesday.

The services purchasing managers' index, or PMI, fell to 49.5 in October from 49.8 in September. Any reading below 50 indicates contraction in the sector.

The employment level fell to the lowest in six years in October, which led to the largest negative contribution to the decline in the services PMI.

The sub-index for order intake and business volume rebounded in October after the falling sharply in the previous month, while delivery times declined further.

"It is positive that an overweight of service companies plans to increase business volume in the near future, but there is a risk that service providers' plans are too optimistic due to the weaker order situation," Swedbank analyst Jorgen Kennemar said.

The composite PMI decreased to 48.6 in October from 48.8 in the previous month.

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