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Financial News: Swedish Manufacturing Growth Slows In June

Swedish Manufacturing Growth Slows In June

07/01/2022 - 07:31:00 (RTTNews)

(RTTNews) - Sweden's manufacturing growth slowed slightly in June, survey data from Swedbank and the logistics association SILF showed on Friday.

The purchasing managers' index for the manufacturing sector fell to 53.7 in June from a revised 54.9 in May. A PMI reading above 50 suggests growth in the manufacturing sector.

"The downward trend in the index continues and is now at levels not noted since the summer of 2020," Swedbank analyst Jorgen Kennemar said.

"The downturn in the industrial economy has been followed by shorter delivery times and subdued input goods prices, which indicates reduced disruptions in supply chains and lower demand pressure in industry."

Among the five sub indexes, those for delivery times, employment and order intake declined in June, while production and purchasing inventories increased.

Delivery times made the largest negative contribution to the fall in overall PMI.

The index for production plans grew at a slower, yet robust pace in June, despite an uncertain economy.

Price pressure eased in June. Suppliers' raw material and input commodity prices declined.

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