Swedish manufacturing PMI rises in June, upturn widespread

Sweden’s manufacturing PMI rose in June. The positivity of Swedish manufacturers rebounded in the month. The upturn was widespread. All sub-indices moved in the right direction. Total order intake was up 7 points to the healthy level of 65.9. Export orders are less positive but still high at 59.

The upturn coincided with the rebound witnessed abroad recently and is also consistent with the optimistic confidence according to the NIER survey. Hard data have been less impressive so far in 2017; however, the best guess is that there are better days ahead for Sweden’s manufacturers, stated Nordea Bank in a research report. This in turn indicates towards a pick-up in GDP growth, after the disappointing first quarter reading.

The headline PMI figure rose to 62.4 in June from 58.8. Looking at sub-indices, production rose to 64.5 from 60, while employment index rose to 60.7 from 59.2. However, inventories dropped to 49.5 from 50.8. Production plans six months ahead rose to 73 from 66.5.

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