Tag Archives: SEK
Sweden: Unexpected drop in services while manufacturing industry is recovering
Production in the manufacturing industry dropped in December, but somewhat less than we had expected. Production was down 1.0% m/m after the upsurge by 5.5% in November.
The Global Macro Pulse
The USD was relatively steady against majors ahead of US payrolls. EURUSD was unchanged at 1.359, holding onto gains post yesterday’s less dovish than expected ECB.
Sweden: Services PMI stays high
The service sector PMI stays at a fairly elevated level which suggests a continued decent growth in the sector. Admittedly, the indicator declined slightly in January, to 55.9 down from 57.7,
Sweden: Riksbank’s company interviews somewhat downbeat
The Riksbank’s company interviews were somewhat gloomier than expected. The economic situation is more or less unchanged since the previous report in September.
Sweden: PMI bounced back to 56 in January
The January manufacturing PMI rose to 56.4 in January from 52.2 in December. This was better than expected. Forecasts stood at 54.
The Global Macro Pulse
The fall in US equity markets overnight combined with the Fed’s additional $10bn taper to drive deeper risk aversion in Asia.
Sweden: Don’t worry about retail sales
Retail sales ended 2013 on a weak note. In December, sales decreased by 0.8% over the month and increased by a modest 1.8% over the year. The outcome was even weaker than our below-consensus forecast.
Sweden: December unemployment just above forecasts
Unemployment stayed flat in December at 8.0% (seasonally adjusted). This was weaker than expected. Forecasts stood at 7.9%.
Sweden: Growth gearing up
Production in the business sector for November came out in line with our expectations. Production surged on the month and the year-on-year figure jumped to +1.4 % from -0.4% in October.
Sweden: Inflation surprises on the upside as a change
CPI rose by 0.3% on the month in December, well above forecasts. The upside risks for ticket prices for international flights that we foresaw played out, explaining the higher than expected CPI reading.
Sweden: Service sector PMI edges up further
The service sector PMI rose further in December to 57.7 from the already healthy level of 57.0 the previous month. This was roughly in line with what we had expected.
Sweden: Volatile PMI down in December
The volatility in the Swedish manufacturing PMI continues. After the uptick in November to 56.0, the PMI fell back to 52.2 again in December.