The Swedish industrial cycle is losing momentum.
The Purchasing Managers' Index fell to 51.3 in September, from 52.6 in August, according to Swedbank and Silf. The monthly index is considered a good indicator of the industrial cycle in the manufacturing industry. An index above 50 indicates growth, and conversely.
"It is becoming increasingly clear that Swedish industry is being pressed by a weaker global industrial cycle and it is above all the order intake that we see a clear slowdown during the autumn", says Jörgen Kennemar, responsible for the analysis of the Purchasing Managers' Index at Swedbank, in a press release.
Economists had on average expected an index of 51.5 in September, according to Bloomberg's compilation
