Financial News: Swedish Service Sector Contracts In March

Swedish Service Sector Contracts In March

04/03/2025 - 04:39:00 (RTTNews)

(RTTNews) - Sweden's services activity deteriorated for the first time in six months in March, survey results from Swedbank and the logistics association Silf showed on Thursday.

The purchasing managers' index, or PMI, for the services sector dropped to 49.4 in March from 50.5 in February. Any reading below 50 suggests contraction in the sector.

Among components, business volume and new orders accounted for the largest declines, and the employment index fell for the eighth successive month.

"Companies are delaying hiring when the economic recovery does not gain momentum, which is a bleak signal for the Swedish labor market," Swedbank analyst Jorgen Kennemar said.

Price pressures continued to rise in the service sector, as the corresponding index for the raw and input prices remained above the historical average of 58.1.

The composite output index declined to 50.6 in March from 51.3 in February, indicating that the Swedish business sector is slow and driven by industry, while the service sector is waning, the survey said.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Japan Household Spending Sinks 0.5% On Year In February (03 hr(s), 24 min(s), 52 sec(s) ago)
(RTTNews) - The average of household spending in Japan was down 0.5 percent on year in February, t ...Full Story»

Japan Household Spending Data Due On Friday (05 hr(s), 0 min(s),52 sec(s) ago)
(RTTNews) - Japan will on Friday release February figures for household spending, highlighting a m ...Full Story»

ECB Minutes Show Members Expressed Worries Over Possible Shocks To Growth From Trade Tensions (07 hr(s), 30 min(s), 52 sec(s) ago)
(RTTNews) - Minutes of the March policy session of the European Central Bank showed that rate-sett ...Full Story»

Treasury Reveals Details Of Long-Term Securities Auctions (11 hr(s), 44 min(s), 52 sec(s) ago)
(RTTNews) - The Treasury Department on Thursday revealed the details of this month's auctions ...Full Story»

Latvia Industrial Output Grows 3.1% (12 hr(s), 33 min(s), 52 sec(s) ago)
(RTTNews) - Latvia's industrial production expanded for the second straight month in February, ...Full Story»

Cyprus Inflation Slows For Third Month (12 hr(s), 34 min(s), 52 sec(s) ago)
(RTTNews) - Consumer price inflation in Cyprus slowed for a third straight month in March to its l ...Full Story»

U.S. Services Index Drops To Nine-Month Low In March (12 hr(s), 40 min(s), 52 sec(s) ago)
(RTTNews) - U.S. service sector growth slowed by more than anticipated in the month of March, acco ...Full Story»

U.S. Trade Deficit Shrinks From Record High As Exports Surge (12 hr(s), 46 min(s), 52 sec(s) ago)
(RTTNews) - The Commerce Department released a report on Thursday showing the U.S. trade deficit n ...Full Story»