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Financial News: Sweden Manufacturing Growth Improves In May

Sweden Manufacturing Growth Improves In May

06/01/2022 - 07:28:00 (RTTNews)

(RTTNews) - Swedish manufacturing growth increased slightly in May after slowing for three consecutive months, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The purchasing managers' index for the manufacturing sector rose to 55.2 in May from a revised 54.9 in April. A PMI reading above 50 suggests growth in the manufacturing sector.

"The index shows that Swedish industry continues to grow, albeit at a slower pace, but it is too early to face the danger of a continued decline due to the uncertain external economy at the same time as monetary policy is tightened," Swedbank analyst Jorgen Kennemar said.

Among the sub-indexes, the largest positive contribution came from production, employment and order intake, while delivery time declined to the lowest level of eighteen months.

The purchasing inventories increased to a record level in May and the production plans recovered.

Suppliers' raw materials and intermediate goods prices decreased in May and price pressures eased slightly from a high level.

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