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Purchasing Manager's Index – Manufacturing

Senior holding a pot

The Purchasing Managers’ Index (PMI) is a business cycle indicator for the Swedish economy, produced by Swedbank in cooperation with Silf. The PMI is produced both for the manufacturing and the service sector. The aim of purchasing managers’ index is to get a quick measure of the current state of the economy. Each month purchasing managers are surveyed and an index calculated. An index level above 50 indicates expansion, while an index level below 50 signals a contraction. The purchasing managers’ index for the manufacturing sector is published on the first banking day of each month at 08:30, while the corresponding index for the service sector is published on the third banking day of each month at 08:30.

The latest publications

PMI fell to 55.0 in October: Stabilization in the growth zone

The PMI saw little change in October, falling 0.2 points to 55.0 compared with September. This means that the total index is still in the growth zone but at a lower level than the beginning of the year, signaling a slowing growth rate in the manufacturing sector.

PMI rose to 55.2 in September: Manufacturing strength continues

The PMI rose to 55.2 in September from 52.5 in August and means that the manufacturing sector remains in the growth zone, though at lower levels than at the beginning of 2018. The PMI has trended downward since the beginning of the year but stabilized in the third quarter. The biggest contribution to the increase in the PMI in September came from the sub-indexes for new orders, employment and suppliers’ delivery times.

PMI fell to 52.5 in August: Lowest level so far in 2018

The PMI fell to 52.5 in August from 57.4 in July. Despite the decline, the outcome supports a continued manufacturing expansion. The biggest negative contribution came from the sub-index for production, followed by the sub-index for new orders. The sub-indices for employment and delivery times also contributed negatively to the PMI. A three-month moving average for August fell to 54.7 from 55.8 in July. Individual months should be interpreted with caution.

PMI rose to 57.4 in July: Expansion continues

The PMI rose to 57.4 in July, which is 3.2 points higher than in June. The outcome supports a continued expansion in manufacturing. The sub-index for production was clearly the biggest contributor to the PMI, followed by the sub-indexes for new orders and employment. The sub-index for suppliers’ delivery times produced a marginal contribution. A three-month moving average for July rose to 55.8 from 54.8 in June. Individual months should be interpreted with caution.

PMI fell to 54.2 in June: Despite decline, expansion continues

The PMI fell to 54.2 in June from 55.8 in May. The outcome supports a continued expansion in manufacturing, however. The sub-index for new orders produced the biggest negative contribution to the PMI, followed by production and employment. Suppliers’ delivery times positively contributed to the PMI. A three-month moving average for June fell to 54.8, which is 0.6 points lower than the corresponding average for May. Individual months should be interpreted with caution.

PMI rose to 55.8 in May, remaining at a healthy level

The PMI rose to 55.8 in May from 54.5 in April, rebounding after a two-month decline. The PMI consequently remains at a healthy level. The sub-index for new orders contributed the most to the increase, followed by employment. Inventories also contributed positively to the PMI, while suppliers’ delivery times produced a slightly negative contribution. A three-month moving average for May was 55.4, which is 1.4 points lower than the previous average. Individual months should be interpreted with caution.

PMI fell to 54.5 in April: Slowdown from high levels

The PMI fell to 54.5 in April from 55.9 in March. This is the second month in a row that the PMI fell, but developments in the manufacturing sector remain expansionary. The sub-index for new orders contributed the most to the total decrease, followed by the sub-indexes for production and delivery times. Inventories and employment, on the other hand, contributed positively to the PMI. A three-month moving average for April was 56.8, which is 0.8 points lower than the previous average. Individual months should be interpreted with caution.

PMI fell to 55.9 in March: Continued expansion

The PMI fell to 55.9 in March, down 4.0 points from February. Despite the decline, the reading indicates a continued expansion in manufacturing. The sub-index for production was the biggest negative contributor to the PMI, followed by the sub-indices for new orders and employment. A three-month moving average for the PMI registered 57.6, which was 1.5 points lower than in February. Individual months should be interpreted with caution.

PMI rose to 59.9 in February: The trend remains strong

The PMI rose to 59.9 in February from 57.0 in January, a gain of 2.9 points. The high number is an indication of the continued strength in manufacturing. The sub-index for new orders contributed the most to the increase, adding 2.0 points to the PMI. A three-month moving average for the PMI fell 1.1 points compared with January. Individual months should be interpreted with caution.

PMI fell to 57.0 in January: Despite dip, 2018 begins strongly

The PMI fell to 57.0 in January. This is 3.4 points lower than in December, which means that the new year began with a decline. Despite the downturn, the index remains at a high level. The sub-index for new orders was the largest negative contributor to the PMI at 2.3 points. A three-month moving average for the PMI fell 0.8 points compared with December.

PMI fell to 60.4 in December: Despite decline, a strong finish

The PMI fell to 60.4 in December, which is 2.9 points lower than in November. The index remains at a high level, however. Employment produced the biggest negative contribution to the PMI at 1.3 points, followed by the sub-index for new orders, which contributed negatively by 0.7 points. A three-month moving average for the PMI fell 1.1 points compared with November.

PMI rose to 63.3 in November: Manufacturing on overdrive

The PMI rose to 63.3 in November, which is 4.0 points higher than in October and the third highest reading this year. New orders were the biggest contributor to the PMI at just over two points, followed by the contribution from the sub-index for production. The three-month moving average rose by 2.9 points from October.

PMI fell to 59.3 in October but stays at a high level

The PMI fell to 59.3 in October, a decrease of 4.4 points compared with September, which was the second highest level so far this year. The sub-index for new orders was the biggest contributor to the decline, followed by production. Individual months should be interpreted with caution, however. A three-month moving average for the PMI fell by 0.4 points compared with the September average.

PMI rose to 63.7 in September – second highest level so far in 2017

The PMI rose by 9.0 points to 63.7 in September, compared with 54.7 in August, the second highest level so far this year. The production index was the biggest contributor to increase, followed by new orders. Individual months should be interpreted with caution, however. A three-month moving average shows that the PMI rose by 0.5 points in September to 59.6.

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