Swedish manufacturing PMI drops in October

The Swedish manufacturing PMI index fell in October, coming below projections. The PMI index dropped to 59.3. All sub-indices dropped; however, they were at healthy levels. The order intake index came in at 57.5, falling from 65.3. Meanwhile, production and employment index came in at 61.7 and 58.9, respectively. The export orders and inventories indices came in at 55.8 and 51.2.

The headline PMI was below expected, but it was not surprising given that it has been elevated for a long period of time. The indicators for the Swedish manufacturing industry have been high compared to trading partners.

“Like indicators for other sectors of the economy, the PMI suggests that the healthy growth momentum continued in Q4, in line with the Riksbank’s view”, noted Nordea Bank in a research report.

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