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Financial News: Sweden Manufacturing Growth Eases Unexpectedly To 13-Month

Sweden Manufacturing Growth Eases Unexpectedly To 13-Month Low

09/01/2017 - 05:23:00 (RTTNews)

(RTTNews) - Sweden's manufacturing growth eased unexpectedly in August to the lowest level in just over one year, survey results from Swedbank and the logistics association SLIF showed Friday.

The Purchasing Managers' Index, or PMI, dropped to 54.7 in August from 60.3 in July. Meanwhile, economists had expected the index to rise to 60.5.

However, any reading above 50 indicates expansion in the sector.

The slowdown in growth was mainly caused by production index. It fell by 10.9 points to 53.5 in August.

Similarly, the sub-index for new orders slid by 7.6 points to 53.9 in August and employment index declined from 57.6 to 55.9.

At the same time, index of suppliers' raw and commodity prices rose by 2.9 index units to 57.8 in August.

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