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Financial News: Sweden Manufacturing Activity Stabilises In March

Sweden Manufacturing Activity Stabilises In March

04/02/2024 - 06:05:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity remained unchanged in March after contracting in the previous eighteen months, survey data from Swedbank and the logistics association SILF showed on Tuesday.

The purchasing managers' index for the manufacturing sector rose to 50.0 in March from 49.2 in February. Any reading below 50 indicates contraction, while a score above 50 indicates expansion.

Indexes for manufacturing accounted for the largest positive contribution to the increase in the headline PMI, followed by orders received and employment, while delivery times and inventory purchases made a negative contribution.

"It strengthens the image of a brighter Swedish industrial economy, even if things continue to be slow in several of Sweden's most important export markets, with Germany at the forefront," Swedbank analyst Jorgen Kennemar said.

The index for suppliers' raw and input goods prices fell in March to 45.9 from 47.0 in February, indicating that the price pressure in the industry is continuing its downward trend.

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