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Financial News: Sweden Manufacturing Growth Improves In February

Sweden Manufacturing Growth Improves In February

03/02/2020 - 07:15:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector expanded at the fastest pace in fifteen months in February, survey data from Swedbank and the logistics association SILF showed on Monday.

The manufacturing purchasing managers' index, or PMI, increased to 53.2 in February from revised 52.0 in January. Any reading above 50 indicates an expansion in the sector.

"Although the coronavirus's effects on Swedish industry are not yet visible in PMI, rising delivery times may be an indication of supply constraints due to lack of production, not least from Chinese suppliers," Swedbank analyst Jorgen Kennemar said.

Among the sub-index, the suppliers' delivery times increased in February followed by order intake and employment. Meanwhile, production and inventories declined.

Manufacturing companies' production plans were more expansive in February and was the highest since last summer.

The price pressure from the producer stage remained soft in February and suppliers' raw and input commodity prices rose for the sixth month in a row.

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