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Swedish PMI jumped in March 52.1 as increasing orders driving growth in manufacturing

Tuesday, 02 April 2013

The Swedish purchasing managers' index for the industrial sector rose to 52.1 in March from 50.9 the month before. Corresponding month last year, the purchasing managers' index was 50.2.

According to analysts, consensus survey forecast was expecting a PMI to fall reach 50.8 in March. Therefore, the Swedish industrial performance in matching forward in a great way not expected from the market. The total increased was up by 1.2 index points, the second consecutive month that manufacturing sector is in the growth zone and the index level is the highest since June 2011.

According to Swedbank and Silf, which represents organizations within the purchasing and logistics sector, orders accounted for the largest positive contribution to the overall PMI, and demand increases came from both the domestic and the export markets. Manufacturing companies' order books also rose for the first time since April last year.

Index of production plans rose to 60.5 in March, indicating a growing production over the next six months. It coincided with a rising delivery times for manufacturing companies. The sub-index on employment fell back, however, and gave a negative contribution to the PMI total explaining that companies are still cautious with hiring.

Index of suppliers of raw and intermediate goods prices fell and the index ended up at 46.2 in March. Price drop in producer prices is probably linked to the strong Swedish krona and a still relatively weak demand pressures in the supply chain.

The PMI is a compilation of about 200 purchasing managers' assessment of the economic development presented by Swedbank and Silf.
by Team

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