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Financial News: Swedish Services Activity Contracts Further

Swedish Services Activity Contracts Further

06/05/2024 - 10:45:00 (RTTNews)

(RTTNews) - Sweden's service sector activity remained in contraction for the second successive month in May, survey results from Swedbank and the logistics association Silf showed on Wednesday.

The purchasing managers' index, or PMI, for the services sector rose to 49.5 in May from 48.0 in April.

However, any reading below 50 indicates contraction in the sector, and the latest score indicates a sign of recovery.

The business volume index accounted for the largest positive contribution to the increase in services PMI, followed by order intake, while employment made a negative contribution, the survey said.

Price pressures in the service sector signaled an easing trend in May, as the index for raw and input prices fell in May by 7.0 index points to 54.2 compared to April, the lowest level since June 2023.

The composite output index rose to 50.8 in May from 49.1 in April, showing that the business economy has improved since last year.

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