Unexpected big boost in the service sector

Published:

Unexpected big boost in the service sector
Photo: Janerik Henriksson/TT

Activity in the services sector increased significantly in November, according to a purchasing managers' index from Swedbank and Silf. The index rose to 59.1 in November, the highest level in over three years.

The index level can be compared with an upwardly revised 55.9 in October. An index number above 50 indicates increased activity in the sector.

Analysts had expected a rise to 56.0, according to Bloomberg.

"The recovery in the services sector has gained real momentum during the autumn," says Jörgen Kennemar, responsible for the analysis of the purchasing managers' index at Swedbank, in a press release.

The composite index for November, which also includes industry, also rose significantly to 57.8, up from 55.6 in October.

"The economic situation in the business sector has improved significantly during the fourth quarter, but companies are still holding off on hiring new employees. This indicates productivity-driven growth," says Jörgen Kennemar.

Loading related articles...

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for our readers

More news

Loading related posts...