The Purchasing Managers' Index for the service sector rose to 53.4 according to Swedbank and Silf. This after having declined in July to 49.0 (according to a revised figure).
In a press release, Swedbank describes the recovery as tentative.
"The service sector has had difficulty establishing itself in the growth zone and shows that the service economy is fragile despite lower interest rates and a brightening in the industrial sector", says Jörgen Kennemar, responsible for the analysis of the Purchasing Managers' Index and continues:
"Probably we need to see higher levels in the PMI services to see a clear increase in service production and in the labor market”.
An index value above 50 indicates increased activity in the sector.
What do you think?