05.05.202110:25:00UTC+00Sweden Services Growth Strengthens In April

Sweden's services sector activity expanded at a faster pace in April, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the services sector rose to 65.6 in April from a revised 61.9 in March. Any reading above 50 indicates expansion in the sector.

"The picture of a stronger service economy has gained increasing ground during the spring and which has also led to an increased need for new employment, which is positive news for the Swedish labor market," Swedbank analyst Jorgen Kennemar said.

Among the sub-indices, business volume continued to rise in April, while suppliers' delivery time shortened to a record level.

Price pressure increased to the highest level in the survey history.

The composite PMI, which combines manufacturing and services, rose to 66.6 in April from 62.7 in the previous month. The index remained above 60.0 for the fourth month in a row.