Financial News: Swedish Factory Activity Logs Tentative Signs Of Recovery

Swedish Factory Activity Logs Tentative Signs Of Recovery

09/02/2024 - 10:16:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity showed a tentative recovery in August after contracting in the previous month, survey data from Swedbank and the logistics association SILF showed on Monday.

The purchasing managers' index for the manufacturing sector rose to 52.7 in August from 49.2 in July. Any reading below 50 indicates contraction.

However, looking over the last three summer months, which are normally volatile and are affected by holidays and planned maintenance work, the index has largely stagnated after the rise in spring, the survey said.

"It indicates that the recovery in Swedish industry has lost momentum at the same time as the global growth outlook has weakened," Swedish bank analyst Jorgen Kennemar said.

The order entry sub-index accounted for the largest contribution to the PMI, followed by production and delivery times. Meanwhile, the employment index eased but remained in the growth zone.

Prices pressures softened in August, with the raw material and input supplier price index falling to 51.2 from 56.7 in July, the lowest level in five months. The slowdown in cost price inflation was supported by lower global raw material prices and the recent strengthening of the krone.

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