STOCKHOLM (dpa-AFX) - Sweden's service sector activity continued to expand in October, though at a slower pace, survey results from Swanbank and the logistics association Silf showed on Wednesday.
The purchasing managers' index, or PMI, for the services sector dropped to 55.7 in October from 57.3 in September. A score above 50 indicates expansion in the sector. Despite the decline, the index is above the average for the first ten months of the year for the third month in a row.
Among components, only the employment sub-index made a positive contribution to the overall index, while the order intake and delivery times sub-indexes accounted for the largest declines.
Cost pressures softened somewhat, with the index for suppliers' input prices fell marginally in October to 71.7 from 73.2 in September.
The composite output index dropped to 57.0 from 57.7, indicating growth in the private sector remains broad, with the stronger industrial economy offsetting the weaker development in the services.
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