1. Purchasing Managers’ Index August 1, 2012
PMI climbs to 50.6 in July – a break in the negative trend in
industry
The PMI rose from 48.4 in June to 50.6 in July. This suggests that the downward
trend in the Swedish industrial economy has come to a halt, though monthly
fluctuations should be interpreted with some caution, especially given the
uncertainty that a summer month such as July entails and the still uncertain global
economy.
All component indices of the PMI increased in July. The index for new orders
accounted for the largest positive contribution, followed by production. The indices
for employment and supplier delivery times remain below the 50 mark, however,
which suggests that this marginal recovery in the industrial economy rests on shaky
ground.
Industrial companies’ production plans for the next six months have been revised
upward, pushing the index to 54.9 in July after downward adjustments in early
summer.
Lower global commodity prices and a stronger krona brought the index for
commodity and intermediate goods prices down from 44.0 in June to 38.7 in July.
This is the lowest level since spring 2009 and indicates that price pressure in
Swedish industry remains subdued.
75
Purchasing Managers' Index
70 PMI
(Purchasing Managers’
65
Index)
Seasonally adjusted
60
2012 Jul. 50.6
55 Jun. 48.4
May 49.0
50 Apr. 50.2
Mar. 50.2
45 Feb. 50.3
Jan. 51.4
40
Unadjusted 2011 Dec. 48.9
Seasonally adjusted Nov. 47.6
35
Oct. 49.8
Sep. 48.1
30
Aug. 48.7
25
Jul. 50.1
94 95 96 97 98 99 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 11 12
Next publication of Purchasing Managers’ Index: Monday September 3, 2012
Jörgen Kennemar, Swedbank, Economic Research Department, +46 (0)8-5859 7730
Administration, +46 (0)8-5859 7740, ek.sekr@swedbank.se
Sebastian Bergfelt, Silf, +46 (0)73-944 6450, professionals@silf.se
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