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Financial News: Swedish Manufacturing Activity Remains In Growth Zone

Swedish Manufacturing Activity Remains In Growth Zone

07/01/2024 - 06:12:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector expanded for the fourth successive month in June, though the pace of growth has eased since May, survey data from Swedbank and the logistics association SILF showed on Monday.

The purchasing managers' index for the manufacturing sector dropped to 53.6 in June from 54.1 in May. Nonetheless, any reading above 50 indicates expansion.

"Despite the downshift in June, the recovery in Swedish industry continues to increase faster than in the euro countries," Swedish bank analyst Jorgen Kennemar said.

"At the same time, production plans have become more expansive, which in the long run can create new jobs in Swedish industry."

Among components, the order intake sub-index accounted for the largest negative contribution to the decline in the PMI total, followed by inventory purchases and production, while employment and delivery times made a positive contribution.

Despite this, four out of five components are now in the growth zone, indicating a more widespread recovery in industry.

On the price front, the index for suppliers' raw and input goods prices fell to 54.1 from 54.9 in May. This signals a slight easing trend in cost pressures as a stronger krona and subdued demand pressure had a price dampening effect.

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