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Financial News: Sweden Manufacturing Growth Slows In June

Sweden Manufacturing Growth Slows In June

07/01/2021 - 07:24:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector expanded at a softer pace in June, survey data from Swedbank and the logistics association SILF showed on Thursday.

The purchasing managers' index for the manufacturing sector fell to 65.8 in June from a revised 66.0 in May.

A PMI reading above 50 suggests growth in the manufacturing sector.

"Although the industry continues to show high activity, the decline in PMI may be a sign that the growth rate in the industry will enter a calmer phase in the future when last year's production loss is recovered while supply shortages have become a growing challenge for the industry," Swedbank analyst Jorgen Kennemar said.

Among the sub-indices, production and order intake declined in June. Meanwhile, inventories and employment increased.

Planned production fell for the second straight month in June.

Prices for suppliers' raw material and input goods increased to a record high in June.

"It is becoming increasingly clear that the higher level of activity in the industry, rising global raw material prices and a shortage of inputs have led to increased cost pressure at the producer level," Kennemar said.

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