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Financial News: Sweden Manufacturing Growth Weakest Since April 2019

Sweden Manufacturing Growth Weakest Since April 2019

09/01/2022 - 05:37:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity expanded at the slowest pace in more than three years in August, survey data from Swedbank and the logistics association SILF showed on Thursday.

The purchasing managers' index for the manufacturing sector fell to 50.6 in August from 52.5 in July. However, a PMI reading above 50 suggests growth in the manufacturing sector.

Further, this was the weakest rate of growth since April 2019.

"It shows that Swedish industry is following the European economic slowdown, which has also led to falling delivery times and subdued price pressure from the supplier level," Swedbank analyst Jorgen Kennemar said.

Among components, the order intake sub-index accounted for the largest negative contribution to the decline in the PMI total, followed by delivery times, inventories and production, while employment rose and contributed positively to the overall index.

The index for production plans stood at 61.0 in August versus 61.4 in July, and remained at relatively high levels despite weaker order intake and an uncertain global economy.

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