Sweden: Economic sentiment plunges to over two-year low in September
The economic tendency indicator (ETI) deteriorated for a 14th consecutive month in September, coming in at 90.8, down from August’s 97.2. September’s result marked the weakest sentiment in over two years. As such, the index moved further below the 100-point threshold. Readings above 100 indicate stronger economic growth than normal, while readings below 100 indicate weaker economic growth than normal.
The fall came on the back of a deterioration in the manufacturing and retail subsectors confidence indicators. Meanwhile, the business confidence subsector indicator dropped to 96.4 in September, down from August’s 101.9. Similarly, the consumer confidence sub-indicator plunged to 49.7 in September, down from the prior month’s 57.8. The reading marked the lowest sentiment since January 1993.