The sub-index for business volume rose, to 62.0 from 57.8, indicating good growth in the sector. In addition, the sub-indices for order intake as well as for order books rose, which bodes well for the coming months.
The only bad news in the report is that the sub-index for employment fell below the 50-mark for the first time since June 2013. However, employment growth has been strong in recent years even during periods when the employment index has been below 50.
All in all, the December PMI is yet another sign of a strong momentum in the domestic economy in line with our forecast.
Details December:
Service sector PMI: 57.7 (prior 57.0)
Employment: 49.5 (prior 52.7)
New orders: 62.4 (prior 60.9)
Order books: 56.8 (prior 54.2)
Business volume: 62.0 (prior 57.8)
Planned business volume: 68.9 (prior 67.4)
Nordea