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Financial News: Swedish Manufacturing Downturn Deepens

Swedish Manufacturing Downturn Deepens

02/01/2024 - 04:51:00 (RTTNews)

(RTTNews) - Sweden's manufacturing activity deteriorated at a faster pace in January, as the majority of components made negative contributions, survey data from Swedbank and the logistics association SILF showed on Thursday.

The purchasing managers' index for the manufacturing sector dropped to 47.1 in January from 48.6 in December. Any reading below 50 indicates contraction.

Thus, the Swedish manufacturing sector remained in deterioration for the seventeenth successive month.

Four out of five sub-indices decreased in January. Indexes for manufacturing made the largest negative contribution, followed by inventories, orders received, and employment, while delivery times made a positive contribution to the PMI total.

"In terms of trend, the index is rising, which indicates that the cyclical bottom in the industry has been passed, even if the risk of supply disruptions due to the unrest in the Red Sea can put a damper on things," Swedbank analyst Jorgen Kennemar said.

The index for suppliers' raw and input goods prices fell in January to 45.0, indicating that the price pressure in the industry is continuing its downward trend.

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