Sweden’s service sector growth eased more-than-expected in November to the lowest level in three months, survey data from the Swedbank and the Swedish National Association of Purchasing & Logistics (SILF) revealed Thursday.
The Purchasing Managers’ Index for the services sector fell to 56.3 in November from 57.4 in the previous month. Economists had expected the index to drop to 57.0. However, any reading above 50 indicates expansion in the sector.
Moreover, the Swedish service sector has expanded steadily since July 2013 and the latest reading signaled solid growth in the services economy.
The sub-index for new orders climbed to 59.6 in November from 59.1 in the prior month.
At the same time, the index measuring volume of business dropped from 62.2 in October to 59.8 in November.
The component index for employment also decreased to 51.3 in November from 53.3 in the preceding month.
The material has been provided by InstaForex Company – www.instaforex.com