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Financial News: Sweden Manufacturing Growth Rises In August

Sweden Manufacturing Growth Rises In August

09/02/2019 - 06:28:00 (RTTNews)

(RTTNews) - Sweden manufacturing growth strengthened in August, mainly underpinned by growth in employment, survey data from Swedbank and the logistics association SILF showed on Monday.

The manufacturing purchasing managers' index, or PMI, rose to 52.4 in August from 51.9 in July. Any reading above 50 indicates an expansion in the sector.

This was the ninth straight month that the PMI score remained lower than the historical average.

Employment rose for the second month in a row in August and backlogs of works remained below 50.

The production expectation index rose to 61.1 in August, suggesting optimism among Swedish manufacturers despite uncertainty in global economy.

While the rising trend in the Swedish manufacturing PMI is in contrast to those of other European countries, the industry faces significant downside risks, Swedbank analyst Jorgen Kennemar said.

Companies' delivery times and order backlogs were again below the 50 mark, which raises questions about the strength of the industrial economy going forward, the analyst added.

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