The Swedish service sector contracted at a slower rate in December, data released by the Swedbank showed Friday.
The seasonally adjusted purchasing managers' index (PMI) for the service sector moved up to 49.1 in December from 46.3 in November. An index reading below 50 indicates contraction in the sector, while one above suggests growth.
All components that constitute the headline index increased in December. However, they remained below the neutral mark, with the only exception of supplier delivery times.
New orders received by service sector firms decreased further in December, but at a notably slower rate compared to November. Reflecting the slower fall in new business, output also decreased at a weaker rate.
Swedish service providers lowered their workforces for the second straight month in December, but at a weaker rate than in November.
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