Swedish PMI for Services shows a mild rebound
Tuesday, 05 November 2013
The Swedish Purchasing managers' index for services (PMI - services) rose slightly to 53.7 in October from 53.3 in September. PMI - Services thus remains in the growth zone for the fourth consecutive month, indicating a solid performance in services.
Swedbank which reports the index presented on Tuesday in a press release that the overall index remained above 50, while all four component indices are noted in the growth zone, evidence of a continued, albeit slow, recovery in the services sector.
The sub-index for supplier delivery times rose by 1.9 index points, putting the largest positive contribution to the overall index of 0.4 index points. Meanwhile the subindex for employment dropped by 1.6 index points, which contributed a negative 0.3 index unit the total index.
The sub-index for the volume of business and orders made positive contributions to the overall index by 0.1 and 0.2 index points.
Index of service companies' business plans were largely unchanged at 62.7 in October from 62.8 in September. Index for planned business volume has now been recorded in the 50 mark six consecutive months, suggesting that Swedish service firms are gradually becoming more optimistic about their future economic developments.
Index for supplier input prices rose by 3.0 index points to 54.1 in October. Index for supplier input prices have now recorded over the 50 mark four months in a row.
By Scancomark.com Team