(RTTNews) – Service sector activity in Sweden grew at a more moderate rate in September, swedbank survey knowledge and SILF logistics agreement showed Monday.
The rate of purchasing managers for the sector fell to 54. 7 in September from a revised 57. 3 in August. Any reading above 50 indicates an expansion in the sector.
“Individual effects per month should be interpreted cautiously, however, the trend in PMI facilities continues to rise and is somely opposed to what we have noticed in the euro domain, where the rate of purchasing managers has fallen in recent months,” swedbank analyst Jorgen Kennemar said.
The largest negative contribution came here from turnover and employment, where the employment sub-index reached its lowest level since April. Order entry decreased in September, while delivery times were extended.
The business plan for the next six months more expensive in September, but far from being as expensive as before the Covid-19 pandemic.
The composite PMI, which combines production and services, fell to 54. 9 in September from 56. 3 revised last month.
“The Swedish business network showed a recovery forged in the third quarter, the progression slowed in the end,” said Kennemar.