Swedish services PMI rises to 53.4 points in August, compilers Silf and Swedbank say

Activity in Sweden's service sector increased in August with the PMI index rising to 53.4 points from an upwardly revised 49.0 points the previous month, compilers Silf and Swedbank said on Wednesday.

"The service economy is fragile despite lower interest rates and a brightening in the industrial sector," Swedbank economist Jorgen Kennemar said in a statement.

"We will likely need to see higher levels in the services PMI to be certain of a clear increase in service production and in the labour market," he said.