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Financial News: Sweden Manufacturing Contracts Most Since 2009 On Covid-19

Sweden Manufacturing Contracts Most Since 2009 On Covid-19 Impact

05/04/2020 - 05:30:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector contracted at the fastest pace since 2009, as COVID-19 outbreak had a severe impact on industry, survey data from Swedbank and the logistics association SILF showed on Monday.

The manufacturing Purchasing Managers' Index, or PMI, decreased to 36.7 in April from 42.6 in March. Any reading below 50 indicates a contraction in the sector.

Four among the five sub-indices decreased in April. Order intake and production declined to record lows in April. The suppliers' delivery times continued to rise, which strengthens the manufacturing industry.

The manufacturing industry's production plans for the next six months have become increasingly pessimistic, which in the long term can also lead to greater negative imprints in the Swedish labor market, Swedbank analyst Jorgen Kennemar said.

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