Sweden's service sector activity deteriorated in July amid weaker demand conditions, survey results from Swanbank and the logistics association Silf showed on Tuesday.
The purchasing managers' index, or PMI, for the services sector dropped to 48.8 in July from 54.3 in June. Any reading below 50 indicates contraction in the sector.
"The economic situation in the service sector is fragile and has difficulty gaining momentum, which is having an impact on employment, which recorded the lowest level since the pandemic year of 2020," Swedbank analyst Jorgen Kennemar said.
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