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Swedish services PMI rises to 56.9 points in October - Silf/Swedbank

Reuters
·1-min read

STOCKHOLM (Reuters) - Activity in Sweden's services sector picked up in October from September, with the purchasing managers index (PMI) rising to 56.9 points from a revised 55.1 points the previous month, data by compilers Silf/Swedbank showed on Thursday.

All sub-indices rose in the month, above all the gauge for employment, while the data showed a continued and far-greater-than normal upward pressure on prices.

"It is a surprisingly strong figure, not least concerning employment," Jorgen Kennemar, responsible for purchasing managers index analysis at Swedbank, said in a statement.

"But the trend in services activity is a downward one and the risk has on the contrary increased that we will see a weaker development ahead given the industrial decline and the eroding purchasing power of households."

The composite index of the service and manufacturing sectors rose to 54.0 points in October from a revised 53.3 points.

(Reporting by Niklas Pollard, editing by Stine Jacobsen)