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.
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.
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.
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.
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.
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.
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.
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.
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.
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.