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Sweden PMI services 49.04 in Aug-23

- The PMI for services in Sweden declined to 49.04 in August 2023, the lowest level since June 2023, suggesting a contraction in the services sector compared to the previous month.
- The PMI is 2.14 points below the one-year average, indicating a significant deviation from the long-term trend and potentially signaling a persistent weakness in the services industry.

Sweden PMI manufacturing 45.77 (consensus 45.7) in Aug-23

- The PMI for manufacturing in Sweden dropped to 45.77 in August 2023, marking its lowest level since June 2023, close to the 45.7 expected.
- The current reading indicates a contraction in the manufacturing sector, suggesting a potential slowdown or weakening in the Swedish economy.

Sweden consumer confidence 70.4 (consensus 75.1) in Aug-23

- Sweden's consumer confidence level decreased to 70.4 in August 2023, the lowest level since April 2023, indicating deteriorating consumer optimism, contrary to the consensus for a rise to 75.1.
- Although the current consumer confidence level is higher than the one-year average, it remains significantly below the long-run average.

Sweden unemployment rate 6.2% (consensus 7.8) in Jul-23

- The unemployment rate in Sweden dropped to 6.2% in July 2023, surpassing market expectations of 7.8% and reaching its lowest level since November 2018.
- The present unemployment rate is 1.12 percentage points lower than the one-year average and 1.26 percentage points below the long-run average, indicating a significant improvement in the labor market and exceeding historical norms.