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Financial News: Sweden Manufacturing Decline Slows In December

Sweden Manufacturing Decline Slows In December

01/02/2020 - 05:17:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector shrunk for the fourth month in a row in December, but the pace of contraction slowed, survey data from Swedbank and the logistics association SILF showed on Thursday.

The manufacturing purchasing managers' index, or PMI, rose to 47.1 in December from 45.7 in November. Any reading below 50 indicates contraction in the sector.

All the sub- indices made a positive contribution to the sector in December, but remained in contraction territory, signaling a continued weak activity level in the Swedish industry.

The sub-index for production, order intake, employment, suppliers' delivery times and inventories rose in December.

It is too early to judge if the PMI has hit a bottom even though there are glimmers of light, Swedbank analyst Jorgen Kennemar said.

The production sub-index grew for a third successive month and the measure for production plans climbed for a second month running.

This is a positive cyclical signal, though the downside risks remain large, Kennemar said.

The price pressure in the industry remained weak, although the index of raw and input commodity prices rose.

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