Sweden: Economic sentiment rises in July, consumers grow less gloomy
The economic tendency indicator rose from 108.7 in June to 109.6 in July. Values above 100.0 indicate stronger economic growth than normal, while values above 110.0 indicate much stronger growth than normal.
July’s uptick came on the back of greater optimism in the manufacturing sector. Manufacturing firms were more upbeat about current order books and production over the next three months. Sentiment in the construction sector was unchanged, while firms in the retail and service sectors became less chirpy. Sentiment in the retail sector declined especially rapidly—particularly among non-food retailers—likely linked to recent soft consumer sentiment.
Consumers became less gloomy in July thanks to improved views of their own finances and the general economy, putting a stop to seven consecutive declines in consumer confidence. However, the consumer confidence indicator was still in pessimistic territory.