Sweden's services sector unexpectedly improved in October rising to its highest level in three months. Sweden's purchasing managers' index (PMI) for the services sector rose to 57.6 in October from 56.9 in the previous month.
Sweden's services sector growth improved for second straight month defying economists' forecasts for a slowdown to 56.5. The rise was largely driven by increased turnover and new orders, survey results from Swedbank and the logistics association SILF showed Thursday.
The sub-index for production outlook rose to the highest level since January, indicating continued strong confidence in business development. Meanwhile, employment growth and improvement in supplier delivery times slowed.
