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Sweden Service Sector Rises In June

Sweden's services sector improved in June, survey data from Swedbank and the logistics association SILF showed on Friday.

The Purchasing Managers' Index for the services sector increased to 49.2 in June from 41.6 in May. However, any reading below 50 indicates contraction in the sector.

"The rapid recovery is partly a rebound following the deep fall in the spring, but is also supported by the easing of restrictions on the corona virus," Swedbank analyst Jorgen Kennemar said.

Among the sub-index, order intake increased in June. The employment index rose marginally, yet signaled decline in jobs. Suppliers' delivery time declined and business plans were more optimistic.

The composite PMI, which combines manufacturing and services, rose to 48.7 in June from 41.1 in the previous month.

"Although the rise for a single month is not to be interpreted, the downward trend has been broken and the coming months will be a test if the recovery in business continues," Kennemar said.

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