Swedish manufacturing PMI index rises above expectations in November

The Swedish manufacturing PMI rises in November and has reached the elevated levels seen earlier in 2017. The headline figure came in much better than expected in November. The PMI index rose to 63.3 from 59.3, as compared with consensus expectations of 60.2. All the sub-indices moved in the right direction, perhaps with the exception of the rise in inventories.

The forward looking order intake and production remained at 64.9, while the sub-index for employment rose to 62.5. The index for delivery time was 69.3, the highest since June 2010. This indicates high resource utilization and speed in the manufacturing industry, noted Nordea Bank in a research report.

There are certain signs that the PMI has peaked; however, economic growth appears to be solid in the near term.

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