Swedish economic sentiment indicator rises in November

Swedish Economic Sentiment Indicator rose in the month of November, suggesting resilience. The indicator rose to 97.5 from 96. The consumer sentiment fell to 88.4 from 90, as was anticipated.

For business sectors, sentiment came in mixed. The main driver on the upside was the manufacturing industry, while the confidence indicator for retailers was down 7.6bp to 100. Sentiment in the service sector was unexpectedly resilient and was unchanged from October.

Meanwhile, employment plans rose in all sectors. Retailers’ price plan fell while households’ inflation expectations rose.

“All in all, the survey was better than expected, reducing the risk for a drop in GDP in Q4”, said Nordea Bank in a research report.