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Swedish Purchasing Managers Index PMI rose to 48.9 in December more expected

Monday, 02 January 2012
Swedish Purchasing Managers Index, (PMI) which reflects economic activity in industry, rose in December to 48.9, compared with 47.6 months before. Analysts had expected, according to forecast survey that the index would rise to 47.7 in December.

This means that there could be an improvement and some few bright spots in an otherwise rather gray industrial sector


"The economy continues to deteriorate while in the manufacturing sector the rise in the purchasing managers' index shows that the pace of decline has slowed somewhat, " writes Swedbank and Silf, which produces the purchasing managers index, in a statement.

Sub-indices of industrial production were the largest positive contributors to the total figure, followed by sub-index for delivery times and employment. The figure for new orders fell marginally driven mostly by weaker domestic market.

“The index of industrial companies' production plans rose significantly in December, but it is too early to determine whether a trend reversal is imminent, especially as order books continue to shrink and the global economy remains weak, which is also reflected by the low price pressure from falling crude and intermediate goods prices,” writes Swedbank and Silf.

The add that “subindex for employment was approaching the 50 mark, but on the basis that the demand is still weak and the labour market usually follows the order situation with delay, we anticipate that the need for new employment in the industry continues to be limited in coming months.”

Purchasing Managers' Index is based on interviews with about 200 purchasing managers in the manufacturing sector. An index figure above is 50 considered indicative of growth in the industry.
By scancomark.se Team

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