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Swedish Engineering sector fears strong economic downturn to the likes of the aftermath of Lehman brothers collapse

Friday, 07 December 2012
Swedish Employer Organization of the industrial and manufacture sector, Teknikföretagen warns of a sharp economic downturn in the Swedish industrial in the fourth quarter.
According to a new report on radio Sweden, there is growing downward movement for both order volumes as well as production and demand for staff.
swedish-industrial

The decline has been characterised as having the same intensity as the fourth quarter of 2008, after the Lehman Brothers crash, which according to Teknikföretagen's chief economist, Anders Rune is "an alarming indication of the depth of the current economic downturn."

"When we compile the results, we have an image which unfortunately is much worse than we expected," says Anders Rune in a statement, adding that "We have numbers here that are just as bad as the last quarter of 2008. The greatest declines, we have in supplier companies, both in the export and domestic market."

He identify that order volumes have fallen more than earlier in the year and therefore will probably capacity utilization and the need for labour fall further in early 2013.

The report is based on data analysis from 498 companies and groups which have total sales of Skr632 billion from their plants in Sweden.
by Scancomark.com Team

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