(RTTNews) – Growth in Sweden’s sector took a step forward in October after hitting a 26-month low in September, data from the Swedbank survey and logistics deal Silf revealed on Thursday.
The sector’s purchasing managers’ index rose from 55. 1 in September to 56. 9 in October. A reading above 50 indicates expansion in the sector.
“This is a strangely high figure, especially for employment, but the trend in the service economy is downward and the threat is greater, as we will see a weaker progression in the long term due to declining industry and reduced purchasing power of households. ” said Swedbank analyst Jorgen Kennemar.
Among the components, the employment index recorded the largest positive contribution to the accumulation of the services PMI, followed by orders, turnover and delivery times.
Swedish service providers faced continued collection pressures in October, with the provider’s entry value index rising from 81. 6 to 82. 0 in September.
The composite PMI, which combines output and services, rose to 54. 0 in October from 53. 3 last month.