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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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