RTTNews - Sweden's purchasing mangers' index or PMI for the manufacturing sector rose to a seasonally adjusted 50.5 in June from 43.7 in May, the latest survey by the Swedbank and SILF said on Wednesday. This was the largest monthly increase in Purchasing index in the 15-year history. Economists had expected the reading to come at 45.
This was the seventh consecutive month of increase in the PMI and the reading stood above 50 for the first time since June 2008, the Swedbank said.
A reading above 50 indicates expansion in the sector, while a reading below 50 signals a contraction.
The production index rose to 55.8 in June from 47.4 in May, while the new orders index edged up to 54.7 from 46.4.
Similarly, the employment index increased to 36 in June from 31.1 in May.
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