Industriindekset PMI steg i Sverige i januar, og det viser, at en normalisering er på vej. Det viste 62,4 point mod 62,1 point i december. Det var bedre end ventet. Mange analytikere havde ventet et fald. Flaskehalsproblemerne aftager, men da den globale vækst ikke ventes at stige ret meget, er industriproduktionen i Sverige måske på sit højdepunkt.
Swedish PMI: Slowly normalizing
The manufacturing PMI picked up in January.
The PMI stood at 62.4 in January, slightly higher than the December reading at 62.1. This was better than our view and consensus, as PMI was expected to decline.
There were rather small changes as for the key indicators, which means that order intake is high and production plans are optimistic.
There are some tentative signs that the bottlenecks and the supply of input goods are improving, albeit gradually. The sub-index for inventories remained high, which is a good sign in this situation, and delivery times fell.
All in all, growth in the manufacturing industry was robust in the beginning of the year. Looking at details, less problems with the supply of input goods may explain the uptick in production as companies can gear up production to meet the high demand. Longer out, we expect global demand to moderate, which in turn means that growth in the manufacturing industry has peaked.
