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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 Team

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