Financial News: Sweden Manufacturing Growth Strongest In 2 Years

Sweden Manufacturing Growth Strongest In 2 Years

06/03/2024 - 07:40:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity expanded at the fastest pace in two years in May, survey data from Swedbank and the logistics association SILF showed on Monday.

The purchasing managers' index for the manufacturing sector rose to 54.0 in May from 51.9 in April. Any reading above 50 indicates expansion.

"The May outcome strengthens the image of a brighter industrial economy," Swedish bank analyst Jorgen Kennemar said.

Order intake accounted for the largest positive contribution to the increase in the PMI total, followed by production, delivery times, and inventory purchases, while employment made a marginal negative contribution.

The index for suppliers' raw and input goods prices rose in May to 55.4 from 53.4 in April, indicating that price pressure from the supplier level increased again amid higher global metal prices and a weak krona.

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