Market Commentary and Intraday News

Swedish Economic Sentiment Weakens For Third Month

333 days ago

(RTTNews) - Economic confidence in Sweden deteriorated for the third consecutive month in June, and the relevant index came in below economists' expectations, data released by the National Institute of Economic Research (NIER) showed Wednesday.

The economic confidence index dropped to 98.7 in June from 100.4 in May, which was revised down from 100.9. Economists were looking for a reading of 99.7. The manufacturing industry and the construction industry were the sectors of the economy that made negative contributions, the agency said.

Swedish households were less upbeat about the economy in June, with the corresponding indicator falling to 3.1 from 5.9 in May. The latest figure also came in below the reading of 4 economists had forecast.

Swedish manufacturers' views of their businesses deteriorated during the month. The relevant indicator dropped to -4 from -1, which was revised down from 0. Economists expected a reading of -2.

The confidence indicator for the construction industry fell six points in June and is currently considerably below the historic average, while the indicator for the retail trade remained unchanged. The indicator for the private service sector rose one point and remains somewhat below the historic average, data showed.

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