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Financial News: Sweden Manufacturing Sector Contracts In September

Sweden Manufacturing Sector Contracts In September

10/01/2019 - 08:13:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity deteriorated sharply in September, the biggest decline since 2008, survey data from Swedbank and the logistics association SILF showed on Tuesday.

The manufacturing purchasing managers' index, or PMI, fell to 46.3 in September from 51.8 in August. Any reading below 50 indicates a contraction in the sector.

The decline in the headline index contributed to the fall in PMI to its lowest level since the beginning of 2013 during the third quarter.

Among the sub-indicators, the biggest declines were seen in those for production and order intake.

The sub-index for production and order intake declined in September and suppliers' input prices fell to the lowest level in over three years.

"It seems that the resilience to a weaker global economy has decreased in Swedish industry, although individual monthly outcomes should be interpreted with a cer, Swedbank analyst Jorgen Kennemar said.

"Industrial production plans are less expansive and suggest increased caution."

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