Sweden Economic Sentiment Weakest In More Than 6 Years

Sweden’s economic confidence deteriorated to the lowest level in more than six years in October, data published by the National Institute of Economic Research showed Friday.

The economic confidence index came in at 93.6 in October versus 94.4 in September. This was the lowest reading since May 2013.

The survey showed weaker than normal sentiment among both firms and consumers in October. The confidence indicator for manufacturing dropped 1.2 points to 96.0 reflecting more negative view on stock of finished goods.

Meanwhile, the confidence indicator for the building and civil engineering industry climbed slightly to 103.4 largely due to more positive assessment about current order books.

The confidence indicator for the retail trade fell to 102.9 in October from 105.3 a month ago.

The confidence indicator for the service sector dropped to 91.8 in October, its lowest since February 2013.

The consumer confidence indicator rose slightly to 92.7 in October but it still points to more negative sentiment than normal.

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