The service sector PMI rose sharply in April to 57.8, which together with the outcome in December 2013 was the highest reading since April 2011. The sub-index for order intake as well as for business volumes rose, breeching the 60-level, while the employment index declined somewhat, but remained above the 50-level.
Yesterday, figures showed a healthy growth in the private service sector and today’s PMI report suggests that growth will gear up further. This bodes well for GDP growth going forward, despite sluggish developments in the manufacturing industry.
Details April:
Service sector PMI: 57.8 (prior 53.6)
Employment: 52.8 (prior 54.6)
New orders: 60.5 (prior 51.1)
Order books: 56.6 (prior 50.4)
Business volume: 61.3 (prior 55.7)
Planned business volume: 63.1 (prior 64.7)
Nordea