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Swedish Service Production Index increased by 0.8 percent

Thursday, 06 September 2012
Swedish service production increased by 0.8 percent in volume and working day adjusted figures in July 2012, compared to July 2011. Service production for May to July increased by 1.0 percent in seasonally adjusted series compared to the period February to April.

Human health and social work increased by 9.6 percent in volume and working day adjusted figures compared to the same period last year. Further, Education and Wholesale trade increased by 8.0 and 2.6 percent, respectively.

This however comes against the publication yesterday by Swedbank which showed that the PMI for the Swedish services fell to 50.8 in August, explaied as a clear signals of weaker employment in the service sector

It reported that purchasing managers' index for services (PMI - services) fell by four index points to 50.8 in August from 54.8 in July. Thus reduced the rise in July somewhat.

On the whole, analysts say changes during the summer months should be interpreted with some caution, and further observations are needed to determine the direction of the service economy.
by Scancoark.com Team