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Growth in Swedish PMI indicates a rebounding industrial production
Wednesday, 01 August 2012
Swedish Purchasing Managers Index (PMI)for the Swedish industrial
sector rose to 50.6 in July from 48.4 months before. The corresponding
month last year, the purchasing managers index 50.1.
The purchasing managers' index, which reflects economic activity in the
industrial sector, in July amounted to 50.6, compared with 48.4 the
month before. Analysts had expected the PMI to reach 47.7, according to
Reuters consensus.
"This means that the weakening of the Swedish industrial activity came
to a halt, "writes Swedbank and Silf, which produces the purchasing
managers' index, in a statement.
Swedbank and SIF continue that the effects of monthly fluctuations
should be taken with some caution, not least because of uncertainty
over the summer months of July and the still shaky global economy.
All sub-indices of PMI rose in July. Index of new orders accounted for
the largest positive contribution to PMI and it rose followed by
production. The index of employment and supplier delivery times, still
is below the 50 mark, however, it indicate that the marginal recovery
in the industrial economy rests on a weak foundation.
Manufacturing companies' production plans for the coming six months
have been revised upwards, reaching 54.9 in July, after a downward
revision in early summer.
Lower global commodity prices and a stronger Swedish krona contributed
to the index for crude and intermediate goods prices to fall to 38.7 in
July from 44.0 in June. It was the lowest figure since the spring of
2009, signalling a continued subdued price pressure for the Swedish
industrial sector.
by Scancomark.se Team
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