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Financial News: Sweden Services Sector Expands In January

Sweden Services Sector Expands In January

02/05/2020 - 08:22:00 (RTTNews)

(RTTNews) - Sweden's services sector expanded in January for the first time in five months, survey data from Swedbank and the logistics association SILF showed Wednesday.

The Purchasing Managers' Index for the services sector rose to 52.5 from 49.1 in December. A reading above 50 suggests expansion in the sector.

The PMI climbed above 50 for the first time since August.

The headline index was boosted by a marked improvement in the sub-index for order intake, followed by employment and delivery times.

That said, services companies were less optimistic regarding the outlook and corresponding index of the survey fell further.

A weak recovery has begun, but the risks of setbacks remain high, Swedbank analyst Jorgen Kennemar said.

The Composite PMI, which combines manufacturing and services, rose to 52.2 from 48.7 in the previous month.

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