The PMI (Purchasing Managers' Index) rose to 56.1 from 55.9 in January, marking a four-year high. This means the index has remained above its historical average of 54.3 for the eighth consecutive month.
– Swedish industry continues to expand. “This is consistent with the growth in global trade, which has shown a more robust trend than expected, even though the strengthening of the krona may pose a challenge for the Swedish export industry in the long run,” says Jörgen Kennemar, head of purchasing managers’ index analysis at Swedbank.
The rise in February was driven by the sub-indices for production and employment, both of which are above their historical averages. Inventory purchases and delivery times, on the other hand, dragged down the PMI’s overall index. Companies’ production plans continue to reflect economic optimism, with index levels above 65. The index for suppliers’ raw material and input prices fell in February to 56.5 from 58.2 in January, after rising for eight consecutive months.
“Price pressure from the producer side eased in February, but looking at the past three months, there is now greater price pressure from the supplier side as global commodity prices rise, particularly for industrial metals,” says Jörgen Kennemar.
The Purchasing Managers’ Index (PMI) is an economic indicator for the Swedish economy compiled in collaboration between Swedbank and Silf for both the manufacturing industry and the service sector. The purpose of the PMI is to provide a rapid assessment of current economic conditions. Each month, economic data is collected from purchasing managers who are part of a survey panel. An index reading above 50 indicates growth, while a reading below 50 indicates a decline..
