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Financial News: Sweden Manufacturing Sector Growth Slows In January

Sweden Manufacturing Sector Growth Slows In January

02/01/2021 - 07:19:00 (RTTNews)

(RTTNews) - Swedish manufacturing sector expanded at a softer pace in January, survey data from Swedbank and the logistics association SILF showed on Monday.

The purchasing managers' index, or PMI, for manufacturing fell to 62.4 in January from a revised 64.7 in December. This was the first time in eight months that the reading declined.

Economists had expected a higher score of 65. A reading above 50 suggests growth in the sector.

"The beginning of 2021 shows continued high activity in the Swedish manufacturing industry at the same time as the companies 'production plans have become more expansive, which indicates an optimistic view of the economy for the next six months," Jorgen Kennemar, a PMI analyst at Swedbank, said.

Employment sub-index declined the most in January and suppliers delivery time lengthened. Order intake and production fell.

Production plans continued to rise in January.

Prices for suppliers' raw material and intermediate goods prices increased in January to the highest level since 2004.

"It is increasingly clear that the higher level of activity in industry and rising global raw material prices have led to increased price pressure at the producer level, making an impression on the consumer level," Kennemar said.

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