2019.05.0603:19:00UTC+00Sweden Services Growth Slows For Second Month

Sweden's services sector growth slowed for a second month in a row in April, but has stabilized in recent months, suggesting a bottom in the cycle, survey results from the Swedbank and the logistics business lobby Silf showed on Monday.

The Purchasing Managers Index, or PMI, for the services sector fell to 54 from 55.1 in March. A reading above 50 suggests growth in the sector.

The next few months will be decisive to determine the direction of the services cycle, Jorgen Kennemar, the economist responsible for analysis for PMI at Swedbank, said.

Overall private sector growth also slowed for the second consecutive month with the Composite PMI falling to 53.2 in April from 54.4 in March.

That means weaker activity in the business sector, but also suggests a stabilization, Kennemar said.