Sweden Manufacturing Growth 2-Year Low

(RTTNews) - Sweden's manufacturing sector expanded at the slowest pace in two years in July, survey data from Swedbank and the logistics association SILF showed on Monday.

The purchasing managers' index for the manufacturing sector fell to 53.1 in July from 53.6 in June. However, a PMI reading above 50 suggests growth in the manufacturing sector.

Employment was the most significant negative contributor to the decline in the PMI total, followed by manufacturing, while orders received, delivery times, and purchased inventories contributed positively.

The index for production plans fell marginally to 61.8 in July from 62.0 in June.

After the downward revisions last winter due to Russia's invasion of Ukraine, production plans have remained at relatively high levels given the uncertain economic situation and the turnaround in monetary policy, the survey said.