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Financial News: Sweden Manufacturing Activity Falls In October

Sweden Manufacturing Activity Falls In October

11/01/2019 - 07:47:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity decreased for the second month in a row in October to its lowest level in nearly seven years, survey data from Swedbank and the logistics association SILF showed on Friday.

The manufacturing purchasing managers' index, or PMI fell to 46.0 in October from 46.1 in September. Economists had forecast a score of 47.0.

The decline in the headline index placed it at its lowest level since the end of 2012.

However, any reading below 50 indicates a contraction in the sector.

Four out of five sub-indices were listed below the score 50 in October.

The sub-indexes for order intake, production and inventory increased in October, while those for employment and companies' delivery times decreased further.

Production plans in the manufacturing companies fell in October for the second month in a row.

Growth in the Swedish industry in recent months was probably been due to a weaker global economy, Swedbank analyst Jorgen Kennemar said.

Companies have become gloomier and fewer expect to increase production in the near future, Kennemar added.

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