Den svenske industriproduktion målt i PMI faldt i april til et lavere niveau, nemlig 55 mod 56,8 pct. i marts, men det udtrykker, at svensk industri er på vej mod en normalitet, skriver Nordea. Indekset viser, at produktionen fortsætter i et robust tempo med en pæn ordreindgang. Problemer som leveringstider og priser aftog en smule i april.
Swedish PMI: Normalizing
The manufacturing PMI continued to decline in April but shows resilience.
Manufacturing activity grew at a slower pace in April as the PMI declined to 55.0 from 56.8 in March.
The sub-index for production fell by almost 5 index points, which is in line with the sharp fall in production plans last month and the downward trend in new orders. It should however be noted that production plans continue to indicate growth at a robust pace.
Order intake as well as export orders bounced back somewhat after large declines last month.
Delivery times and input price pressures eased somewhat in April, but remained at historically very high levels. Freight prices have come down from the peak, which could be interpreted as a sign of easing demand rather than resolved supply chain issues (see chart below).
Today’s report confirms that Swedish manufacturing activity is cooling down, in line with global demand easing somewhat. Manufacturing companies continue to struggle with the supply of input goods. The manufacturing industry shows resilience in the near term however and order books are well filled.
The survey was conducted between 7 and 27 April.
