Sweden’s April manufacturing PMI rose to 54 in April from March’s 53.3 and above consensus forecast of 53.3. Sub-indices posted difference figures. Order intake rose from March’s 53 to 56 in April, while export orders rose to 56 from 50. Production index rose to 56.8 in April from 54.3 in March. Meanwhile, production plans six month ahead rose to 65. However, employment index dropped from 54.8 in March to April 49.3, while inventories index fell slightly to 49.3 from 49.9.
For the past three years, the PMI has remained without direction between 50 and 56. The rebound in manufacturing sector is expected to continue rebounding at a slower rate, according to Nordea Bank. However, the growth in wider economy is likely to decelerate more considerably later in 2016, added Nordea Bank.
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