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Financial News: Sweden Manufacturing Sector Rises In October

Sweden Manufacturing Sector Rises In October

11/02/2020 - 04:02:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity grew above the historical average for the second straight month in October, survey data from Swedbank and the logistics group SILF showed on Monday.

The purchasing managers' index rose to 58.2 in October from revised 55.9 in September. A reading above 50 indicates growth in the sector.

"The spread of the coronavirus has not yet affected the Swedish industrial economy or companies' production plans, but the downside risks have significantly increased," Swedbank analyst Jorgen Kennemar said.

Four of the five sub-indices rose in October. Sub-indexes for order intake, delivery time and production increased above the level of 60 for the first time since 2017.

Production plans for the next six months were more expensive in October.

Prices for raw material and intermediate goods prices increased in October.

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