Indekset for den svenske industriproduktion, PMI, overraskede i december ved det højeste niveau i 10 år og nåede 64,9 point mod 59,8 point i november. Det skete trods en meget kraftigt vækst i coronasmitten. Men det udtrykte voksende eksportmuligheder, især i Kina og Asien, hvor der er mere styr på coronaen end i Europa og USA.
Swedish PMI: Defying the 2nd wave and the stronger krona
The manufacturing PMI surprised on the upside and rose to a 10-year high in December.
The PMI stood at 64.9 in December, up from 59.8 the previous month.
It is a strong report. All sub-indices moved in the right direction and are at strong levels across the board.
Inventories fell while the sub-index for order intake rose, mainly driven by export orders, which bodes well for the coming months. The index for employment picked up to well above the 50-mark.
Delivery times surged to the highest level since 1995. The sub-index for prices also rose markedly.
All in all, growth in the manufacturing industry geared up at the end of 2020, despite the second wave of the corona virus and the sharp appreciation of the SEK. Good growth in China is an important driver of global demand. Other drivers are probably pent-up demand from earlier in 2020, and not least the unprecedented expansionary economic policy around the world.
Details, December:
PMI: 64.9 (prior 59.8)
Order intake: 68.2 (prior 65.1)
Export orders: 68.1 (prior 62.4)
Production: 65.6 (prior 61.6)
Employment: 57.2 (prior 50.8)
Inventories: 48.7 (prior 52.8)
Production plans 6 months ahead: 67.6 (prior 65.1)
