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Financial News: Sweden Manufacturing Sector Deteriorates Further

Sweden Manufacturing Sector Deteriorates Further

11/01/2022 - 07:20:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity contracted for the third straight month in October, survey data from Swedbank and the logistics association SILF showed on Tuesday.

The purchasing managers' index for the manufacturing sector fell to 46.8 in October from 48.9 in September.

Any score below 50 indicates contraction in the sector.

"It is increasingly clear that the weaker global economy is leaving an ever deeper impression on Swedish industry, which is not least reflected in a reduced order intake both from the export and domestic markets," Swedbank analyst Jorgen Kennemar said.

Among components, production, employment and delivery times accounted for the largest negative contributions to the decline in the PMI total.

Meanwhile, the index for production plans rose marginally to 57.7, but remained below its historical average of 63.9. Firms were less optimistic about production expectations in the next six months.

On the price front, cost pressure from the supplier level has eased during the autumn, though still much higher than normal.

"However, the reduced demand pressure in industry speaks for a lower price pressure from the supplier level, even if a weak krona and high energy prices can partially counteract this," Kennemar said.

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