Skip to content

Purchasing Manager's Index – Manufacturing

Two women window shopping.

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 the 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 is calculated. An index level of above 50 indicates expansion, while an index level of 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 rose to 53.4 in August: Manufacturing shifts up a gear

The PMI registered 53.4 in August from an upward revision of 51.4 in July. This is the second consecutive month that the PMI is in the growth zone and it is now at the highest level since the fourth quarter of 2018. While last spring’s PMI decline has been recovered, it does not mean that manufacturing industry is back to pre-pandemic production levels, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank. This would require a longer period in the growth zone than two months.

Read the full report for August 2020 (pdf)

PMI rose to 51.0 in July: Back in the growth zone

The PMI increased by 3.4 points in July to 51.0 from an upward revision of 47.6 in June. As a result, manufacturing industry is back in the growth zone for the first time since February of this year. The July outcome shows that the Swedish manufacturing sector continues to rapidly recover after the deep recession this spring, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for July 2020 (pdf)

PMI rose to 47.3 in June – rebound after the spring swoon

The PMI rose in June by 7.3 points to 47.3 from an upward revision of 40.0 in May. This means that a large share of the index’s spring decline has been recouped, indicating that the trough in manufacturing activity has been passed. The big increase in June should be seen, however, as a rebound after an exceptionally severe downturn this spring, also supported by the easing of coronavirus restrictions, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for June 2020 (pdf)

PMI rose to 39.2 in May – Economic slowdown eases

The PMI rose to 39.2 in May from 36.4 in April after having fallen by a total of 16.5 points in March and April. This means that the downturn in Swedish manufacturing industry has slowed. While it is still too early to say whether a bottom has been passed, the likelihood of a recovery has increased now that more countries have begun to ease the restrictions introduced in the wake of the coronavirus pandemic, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for May 2020 (pdf)

PMI fell to 36.7 in April – Economic downturn deepens

The PMI fell 5.9 points to 36.7 in April from a downward revision of 42.6 in March, which is the lowest level since the recession year 2009. This means that Swedish manufacturing industry is continuing to rapidly contract in the wake of the coronavirus pandemic, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for April 2020 (pdf)

PMI fell to 43.2 in March – record-fast slowdown in industry

The PMI fell in March by 9.5 points to 43.2 from a downward revision of 52.7 in February. This is the biggest monthly decrease in the PMI’s history of over 25 years and is a clear sign that the coronavirus’s effects on Swedish industry are being felt in earnest, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for March 2020 (pdf)

PMI rose to 53.2 in February – recovery despite Corona jitters

The PMI rose in February to 53.2 from an upward revision of 52.0 in January. This is the highest level in 15 months and was mainly helped by longer delivery times. While the impact of the coronavirus on Swedish industry is not yet evident in the PMI, the rising delivery times could be an indication of supply limitations due to lost production, not least from Chinese suppliers. This could eventually hurt Swedish industrial production, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for February 2020 (pdf)

PMI rose to 51.5 in January – more signs of manufacturing recovery

The PMI rose in January to 51.5 from 47.7 in December. It is the first time since August that the index is back in the growth zone. Signs of a recovery in Swedish manufacturing have increased at the start of 2020 in the wake of a brighter global outlook, although individual monthly outcomes should be interpreted with caution, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for January 2020 (pdf)

PMI rose to 47.1 in December – Weak manufacturing activity continued

The PMI rose in December to 47.1 from 45.7 in November. This marks the fourth month in a row that the index is outside the growth zone and means that activity in Swedish industry has continued to decline even though the downturn slowed in December.

It is too early to say after a month whether the PMI has bottomed out despite glimmers of light, not least the subindex for production, which rose for the third consecutive month, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for December 2019 (pdf)

PMI dropped to 45.4 in November: Manufacturing continues to slide

The PMI fell in November to 45.4 from 46.0 in October. Manufacturing activity continued to decline for the third consecutive month to levels we have not seen
since 2012, and there are no clear signs yet of a turnaround even though production plans were a positive economic signal in November, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for November 2019 (pdf)

PMI dropped to 46.0 in October: Weak conditions persist

The PMI fell marginally in October to 46.0 from 46.1 in September. This marks the second month in a row that the index is outside the growth zone and at levels that have not been seen since the end of 2012. It shows that growth in Swedish industry has slowed in recent months, probably affected by weaker global conditions, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for October 2019 (pdf)

PMI fell to 46.3 in September: Manufacturing continues to slow

The PMI dropped by 5.5 points in September to 46.3 from a downward revision of 51.8 in August. This is the largest monthly decline since autumn 2008 and was part of the reason why the PMI fell in the third quarter to the lowest level since early 2013. It seems as if resilience to a weakening global economy has decreased in the Swedish manufacturing sector, although individual monthly outcomes should be interpreted with caution, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for September 2019 (pdf)

PMI remained at 52.0 in July: Stabilization at a low level

The Purchasing Managers’ Index (PMI) was 52.0 in July, unchanged compared with June. The index has stabilized in recent months but is still at the lowest levels in six years, an indication of continued sluggishness in Swedish manufacturing, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for July 2019 (pdf)

PMI fell to 52.0 in June: Weak finish to the second quarter

The PMI dropped to 52.0 in June compared with 53.1 in May. This marks the second largest decline so far this year, and even though the PMI has trended sideways in recent months, the downside economic risks have remained high, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for June 2019 (pdf)

PMI rose to 53.1 in May: Stabilization in industrial activity

The PMI rose to 53.1 in May compared with 50.9 in April, which is the highest level since November 2018. The downward trend in the PMI has been broken, suggesting that the Swedish industrial sector is stabilizing with help from a weak krona despite global uncertainty, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for May 2019 (pdf)

PMI dropped to 50.9 in April: Weak start to the second quarter

The PMI fell to 50.9 in April compared with 52.5 in March. It was a broad decline with three of five sub-indexes contributing to the downturn. While this indicates a further slowdown in manufacturing activity, individual monthly outcomes should be interpreted with caution, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for April 2019 (pdf)

PMI rose to 52.8 in March: Manufacturing activity stabilizes

The PMI registered a marginal increase in March to 52.8 from 52.7 in February. This marks the second consecutive month that the index has risen, but in reality is more a sign that manufacturing activity has stabilized than that it has strengthened, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for March 2019 (pdf)

PMI rose to 52.5 in February: Recovery from low level

The PMI rose to 52.5 in February from 51.7 in January after having fallen two months in a row. It is positive that manufacturing activity strengthened in February, though from low levels. But at the same time production plans have become less optimistic, indicating increased uncertainty about growth prospects going forward, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for February 2019 (pdf)

PMI falls to 51.5 in January: Manufacturing continues to slow

The PMI fell in January to 51.5 from 51.8 in December, reaching the lowest level since February 2016. This means that manufacturing activity continued to slow in the first month of the year. The reason for increased caution going forward is the trend in new orders and order backlogs, which fell to the lowest level in three years, says Jörgen Kennemar, who is responsible for analysis of the PMI at Swedbank.

Read the full report for January 2019 (pdf)

PMI fell to 52.0 in December: Weak finish to 2018

The PMI dropped in December to 52.0 from 55.4 in November, reaching the lowest level since the beginning of 2016. The December reading showed a broad decline and means that Swedish industrial activity lost momentum at the end of 2018, says Jörgen Kennemar, who is responsible for the analysis of the PMI at Swedbank. Monthly readings should be interpreted with caution, however, because of which the next months will be critical to where the economy is headed, Jörgen Kennemar notes.

Read the full report for December 2018 (pdf)

PMI rose to 56.7 in November: Expansion despite economic jitters

The PMI rose in November to 56.7 from 55.0 in October, indicating a continued expansion in Swedish manufacturing. The outcome has to be seen as a show of strength against the backdrop of the lower PMI readings from the eurozone and other areas and the concerns about the global economy.

Read the full report for November 2018 
(pdf)

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.

Read the full report for October 2018 
(pdf)

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.

Read the full report for September 2018 (pdf)

Analyser svenska

Besök vår svenska sida med analyser, nyheter och omvärldsbevakning.