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Financial News: Sweden Factory Growth Remains Strong In April

Sweden Factory Growth Remains Strong In April

05/02/2017 - 03:28:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity expanded strongly in April, though the growth rate eased from a month earlier, survey results from Swedbank and the logistics association SLIF showed Tuesday.

The Purchasing Managers' Index, or PMI, dropped to 62.5 in April from 65.2 in March. However, any reading above 50 indicates expansion in the sector.

The decline came from the sub-indicators for order intake and production, while the other three components contributed positively to the headline index.

The sub-index for new orders fell by 5.0 index points to 63.7 in April from 68.7 in March. Similarly, the index measuring production decreased to 62.7 from 64.1.

At the same time, the employment index rose by 0.7 points in April and recorded a new record high of 64.1. The high level of the index is indicative of a strong increase in hiring needs in the industry.

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