The PMI has been above the 50-mark since May and has been fluctuating between 56 and 52 since August 2013. Thus, the PMI indicates some recovery in the sector, although no marked upturn.
All sub-indices moved in the right direction in January. Most encouraging is the uptick in order intake to 62.2, the strongest reading for three years. Coupled with a drop in the sub-index for inventories, this suggests that the PMI will remain at healthy levels in the coming months.
Important is that the sub-index for export orders rose to a full 60.4, also that a 3-year high. Hopefully this is a sign that global demand is strengthening and that exports finally will recover after falling for two consecutive years.
Details, January:
PMI: 56.4 (Nordea and consensus 54, prior 52.2)
Order intake: 62.2 (prior 54.3)
Production: 57.4 (prior 53.4)
Employment: 49.1 (prior 48.2)
Inventories: 47.9 (prior 53.1)
Production plans 6 months ahead: 66.6 (prior 62.2)
Nordea