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Services Improve, But Remain In Contraction


Sweden's October services PMI remained in contractionary territory at 48.5, but showed an improvement vs September (which was 46.3). The composite PMI was 47.7 (vs 45.4 prior), helped by rises in both the services and manufacturing components.

  • The marginal improvement is slightly at odds with the Economic Tendency Indicator, which saw the headline, services and manufacturing components all fall in October (most notably the services component from 86.0 to 83.2).
  • Component-level data shows that employment in services rose to 55.9 (vs 51.3 prior) alongside improvements in business volume and new orders. However, supplier input prices also crept up to 59.2 (vs 58.8 prior).
  • Following the release, EURSEK saw a 0.1% fall which has pared slightly, while NOKSEK trades close to pre-data levels.

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