Swedish Economic Confidence Weakens In July

(RTTNews) - Sweden's economic confidence decreased in July after strengthening in the previous month, survey results published by the National Institute of Economic Research showed on Tuesday.

The economic tendency index dropped to 95.0 in July from June's 22-month high of 96.4. Further, the index was still below the normal level of 100.

The index measuring confidence in manufacturing fell by 2.2 points to 97.0 in July as production plans in industry were slightly more negative than normal.

The morale for the construction segment was almost unchanged, at 96.6 in July versus 96.8 in June. The confidence indicator for the service sector declined by 2.8 points to 94.0 due to weaker demand.

Meanwhile, there was an increase in confidence in retail trade, which rose to 101.8 from 99.0.

The survey showed that the consumer confidence index increased further to a 30-month high of 96.6 in July from 93.7 in June. However, a reading below 100 indicates pessimism among households.