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Financial News: Sweden Manufacturing Shrinks For 5 Months

Sweden Manufacturing Shrinks For 5 Months

01/02/2023 - 04:36:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity remained in contraction for the fifth successive month in December, survey data from Swedbank and the logistics association SILF showed on Monday.

The purchasing managers' index for the manufacturing sector stood at 45.4 in December, unchanged from November. However, any reading below 50 indicates contraction.

"The industrial economy continues to decline, although there are signs that the deceleration has stopped somewhat, which we have also seen in the Eurozone," Swedbank analyst Jorgen Kennemar said.

"But the downside risks are great and it is likely that the effects of a weaker global economy have not yet penetrated the entire industry," Kennemar added.

Among components, production, employment, and orders rose and contributed positively to the headline index in December, while delivery times fell for the ninth consecutive month along with a decline in purchased inventories.

The index for production plans rose to 57.4 in December from 54.0 in November.

Production plans are less expansive, but most companies plan to increase or keep production unchanged, which is an optimistic assessment, the survey said.

The index for raw and input prices fell in December to 55.9 from 58.5 in November, indicating that price pressures in the industry continue to ease.

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