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Financial News: Sweden Manufacturing Sector Expands For The First Time

Sweden Manufacturing Sector Expands For The First Time Since February

08/03/2020 - 08:29:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector expanded for the first time in five months in July, survey data from Swedbank and the logistics association SILF showed on Monday.

The Purchasing Managers' Index for the manufacturing sector increased to 51.0 in July from a revised 47.6 in June. Any reading above 50 indicates expansion in the sector.

"The July outcome shows that the economy in the Swedish manufacturing industry continues to recover at a rapid pace after the deep decline this spring," Swedbank analyst Jorgen Kennemar said.

The sub-index for order intake and production increased in July. Employment in manufacturing declined further and delivery time lengthened.

Production plans for the next six months remained unchanged in July and indicated a weaker price pressure.

"Whether it is temporary or if the companies have become more careful in their production plans remains to be seen in the coming months," Kennemar said.

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