Swedish PMI for February jumped into a growth zone
Friday, 01 March 2013
On the back of the Swedish GDP growth, the Swedish Economic situation,
going forward, looks good as the purchasing managers index (PMI)
continued to improve in February 2013.
The purchasing manager's index for the Swedish industrial sector rose
to 50.9 in February from 49.2 the month before. Corresponding month
last year, the purchasing managers index was 50.3, reports
organisations Swedbank and Silf.
Analysts survey forecast had expected the purchasing managers index to rise to 50.0 in February.
According to Swedbank and Silf, which published the index, all five
sub-indices contributed positively in January to the development of the
overall index. Employment was the largest contributor, by 4.5 index
points, but an index level of below 50 which continued to indicate a
reduced staffing. Orders rose to 51.1 driven primarily by export
demand. It coincided with a rise of manufacturing sector order books,
and that delivery times increased.
The manufactures continued to revise their production plans, and this
together with the sub-index for production was in the growth zone for
the second consecutive month, could be a sign that industrial activity
has bottomed out.
The sub-index for suppliers of raw and intermediate goods prices fell
back to 47.9 in February from 50.4 in January. A stronger Swedish krona
against the euro may have contributed to pushing down import prices.
The index is a compilation of about 200 purchasing managers' assessment
of the economic development for a given period and presented by the
swedish banking group Swedbank and organisation, Silf which represent
the purchasing and logistics sector of Sweden.
By Scancomark.com Team
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