Financial News: Swedish Factory Activity Growth Improves

Swedish Factory Activity Growth Improves

11/01/2024 - 04:57:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector growth strengthened at the start of the fourth quarter, survey data from Swedbank and the logistics association SILF showed on Friday.

The purchasing managers' index for the manufacturing sector rose to 53.1 in October from 51.6 in September. A reading above 50 indicates expansion.

"Swedish industry surprises positively in October after the slump during the third quarter," Swedish bank analyst Jorgen Kennemar said.

"It is a statement of strength, even if the sluggish global economy and the risk of increased tariffs could put a damper on the future."

Among components, the order intake sub-index accounted for the largest positive contribution to the increase in the PMI, followed by delivery times, production, and employment.

On the price front, index for suppliers' raw and input prices fell further to 46.7 in October from 48.7 in September, which was the steepest fall since January.

The falling trend of raw material costs indicates the picture of a continued weak industrial economy, which increases the likelihood of a more expansive monetary policy.

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