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Sweden Services Sector Deteriorates In November

Sweden's services sector contracted for the third month in a row in November, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The services purchasing managers' index, or PMI, fell to 47.9 in November from 49.4 in October. Any reading below 50 indicates contraction in the sector.

Services of three among the four sub-indices were listed below the score 50, which indicates widespread and weak activity in the service companies.

The orders sub-index logged the single largest decline in November, followed by delivery times and business volume.

Service companies' business plans rose in November, which was a positive economic signal and indicates that, after all, companies have an optimistic view of the future market development, even if the risks on the downside remain large, Swedbank analyst Jorgen Kennemar said.

The composite PMI decreased to 47.2 in November from 48.5 in the previous month.

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