Activity in the Norwegian manufacturing sector decreased for the first time in six months in June, reflecting a sharp fall in new orders, data from a survey by the Fokus Bank and the Norwegian Association of Purchasing and Logistics showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector fell to 46.3 in June from 54.5 in May. A PMI reading below 50 indicates contraction in the sector, while one above suggests growth. The latest reading, which shows that the sector contracted after expanding for five consecutive months, was the lowest since October 2009.
New orders received by manufacturers decreased significantly in June, with the relevant indicator falling to the lowest level in thirty-four months. Consequently, production also declined markedly during the month, reversing the previous months' gains.
Norwegian manufacturers lowered their workforces for the fist time in four months in June, and the corresponding sub-index fell to the lowest level since October 2009.
by RTT Staff Writer
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