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Swedish PMI for services rose to 50.3 in October as decline in the service sector remain stagnated

Monday, 05 November 2012
The Swedish Purchasing managers' index for services (PMI - services) rose to 50.3 in October from 47.2 in September.

This signals that the service sector of the Nordic country's biggest economy is withstanding some of the negative effects of the debt crisis gripping Europe.

According to Swedbank which release the data, the fluctuations in the index stands around the 50 mark with no clear trend upwards or downwards and thus indicates that the service economy rests on shaky ground, as long as the uncertain global economy remains.

Orders and business volume accounted for the largest positive contributions to the PMI rise. It also contributed to the decline in the employment index. Shorter delivery times and shrinking order books, however, indicate continued weak demand for Swedish service sector, said Swedbank.

Service Companies' production plans for the next six months rose to 54.5 in October from 53.7 in September, which may be regarded as an optimistic assessment given the reduced order books.

Index of suppliers' input prices rose to 53.0 in October from 50.7 in September, reaching its highest level since March. Price pressures in the services sector, however, is still significantly lower compared with 1.5 years ago, when the index hovered around the 65 point mark.
by Scancomark.com Team

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