There were no major changes in the sub-indices. The index for order intake remained just above 60, which is a healthy level and indicates that the PMI will remain at decent levels also in the coming months.
Notably, the employment index fell below the 50-mark again, indicating that the situation in manufacturing industry still is fragile.
All in all, the PMI indicates a recovery in the manufacturing industry, albeit no strong upturn. With good domestic demand, we still expect to see good GDP growth going forward, in line with the Riksbank’s forecast.
Details, April:
PMI: 55.5 (Nordea 55, consensus 55.5, prior 56.5)
Order intake: 60.2 (prior 60.6)
Production: 60.4 (prior 59.4)
Employment: 48.8 (prior 51.7)
Inventories: 51.1 (prior 49.1)
Production plans 6 months ahead: 65.5 (prior 64.3)
Nordea