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Swedish PMI increases but still below growth zone

Friday, 01 February 2013
The Swedish purchasing managers' index rose in January significantly and unexpectedly. The increase is the largest since the summer of 2009.

The purchasing managers' index for the Swedish industry rose to 49.2 in January from 44.6 in December. Expected, was a rise to 46.2, according to analysts.
"The sharp rise in the index means that the Swedish industrial market has stabilized after last year's decline, "writes Swedbank and Silf industry organization that publishes the index, in the report.

The rise is cheered in spite the PMI remaining below the 50 mark, which is supposed to be the boundary between contraction and growth.

"Even if the index is outside the growth zone, it is a clear indication that the Swedish industrial market has improved compared to last year's final months. However, it is too early to determine if there is a turnaround in the economy so the next month will be crucial for any economy, "writes Swedbank and Silf.

All five sub-indices rose in January. New orders and production accounted for the largest positive contributions to the overall PMI rise, but it was only the sub-indices for production and delivery times that were in the growth zone. Employment in the industry continued to decline, although the index rose marginally.
by Team

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