The purchasing managers' index for the services sector fell to 52.5 in April, down from 55.9 in March, according to monthly surveys by Swedbank and the purchasing managers' organization, Silf.
"The recovery in the services sector is losing momentum. An uncertain global situation and rising costs due to developments in the Middle East mean increased challenges for the services sector and the Swedish labor market," said Jörgen Kennemar, economist at Swedbank, in a press release.
The index is an important barometer for the economy, and a value below 50 is considered to indicate a decline.
