MNI: SWEDEN DATA: Services PMI (Jul 2019) Preview....>

MNI: SWEDEN DATA: Services PMI (Jul 2019) Preview - 07:30 BST

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- The Swedish services PMI fell below the 50-neutral mark for the first time in

six years in Jun, slumping to 49.9 from 52.8 in May

- While single readings should be interpreted cautiously - esp. those taken

during the summer holiday period - this was the biggest Jun decline since 2008

- ... and the index is clearly trending lower (down 11.6pts in the yr to Jun)

- The new orders component saw the steepest decline, dropping below 50 (to 46.0)

for the first time in three years and to its lowest level since Nov 2012

- The sub-index for business volumes also fell, but remains in growth territory

along with employment, which was the only component to rise in Jun

- Sweden's Economic Tendency Survey showed services sector sentiment falling by

1.8pts to 96.5 in Jul - which suggests that the Services PMI could have dipped

further below 50 at the start of Q3...

- ... raising the chance that the economy could fall into recession after GDP

contracted by 0.1% q/q in Q2