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Financial News: Sweden Services Sector Growth Slows In December

Sweden Services Sector Growth Slows In December

01/07/2021 - 06:28:00 (RTTNews)

(RTTNews) - Sweden's services sector activity expanded at a softer pace in December, but remained solid, survey data from Swedbank and the logistics association SILF showed on Thursday.

The Purchasing Managers' Index for the services sector decreased to 56.6 in December from a revised 58.3 in November. Any reading above 50 indicates expansion in the sector.

"Even though activity declined in December, it is a continued robust service economy that is likely to be supported by service companies with close links to industry," Swedbank analyst Jorgen Kennemar said.

All sub-indices declined in December. Business volume, employment and order intake decreased and suppliers' delivery time lengthened.

The composite PMI, which combines manufacturing and services, rose marginally for the third straight month to 58.9 in December from 58.8 in the previous month.

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