We report on element-specific measurements of ultrafast demagnetization and magnetization precession damping in permalloy thin films. Magnetization dynamics induced by an optical pump at 1.5 eV is probed simultaneously at the ${M}_{2,3}$ edges of Ni and Fe with high-order harmonics for moderate demagnetization rates (less than 50%). The role of the intersublattice exchange interaction in both longitudinal and transverse dynamics is analyzed with a Landau-Lifshitz-Bloch description of ferromagnetically coupled Fe and Ni sublattices. It is shown that the intersublattice exchange interaction governs the dissipation during demagnetization as well as precession damping of the magnetization vector.
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