Financial News: Sweden Manufacturing Downturn Continues In January

Sweden Manufacturing Downturn Continues In January

02/01/2023 - 05:53:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector remained in contraction for the sixth successive month in January, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The purchasing managers' index for the manufacturing sector rose to 46.8 in January from 45.9 in December. Nonetheless, any reading below 50 indicates contraction.

"The fall in the PMI has slowed down slowly in recent months and may be a sign that we are approaching the bottom in the industrial economy at the same time that production plans are on the way up," Swedbank analyst Jorgen Kennemar said.

Four out of five sub-indices contributed to the rise in the PMI total. Rising delivery times contributed most to the increase, followed by a gain in inventories and production, while the employment sub-index fell to levels not seen since the summer and pandemic year 2020.

The index for production plans rose to 59.6 in January, which was the highest level since August 2022. This was a surprise increase for the second consecutive month despite a weak order intake and an uncertain global economy.

The index for commodity and input prices fell to 53.6 in January, the lowest level in more than two years, the survey said.

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