Sweden’s services sector expanded at a slower pace in June primarily due to sluggish business volume, survey data from the Swedbank showed Friday.
The services Purchasing Managers’ Index fell to 54.9 in June from 58.2 in May. Any reading above 50 indicates expansion in the sector.
The negative contributions came from all the sub-indices, although employment and suppliers’ delivery times declined moderately.
The sub-index for volume of business declined to 55.5 in June from 60.5 in May, which was the highest level since last summer. In the wake of lower production rate and weaker order position, the planned business volume index fell to 62.7 from 64.5.
New order also decreased in June, with the corresponding index falling to 56.8 from 59.7 in the preceding month.
The sub-index for employment declined to 53.1 in June from 54.3 in May. The index for suppliers’ input prices dropped to 52.9 in June from 56.7 in the prior month.
The material has been provided by InstaForex Company – www.instaforex.com