Swedish manufacturing sector contracted unexpectedly in April as new orders slowed notably to levels close to stagnation, a report from Swedbank and Silf showed Thursday.
The headline purchasing managers' index fell to 49.6 in April from 52.1 in March. Readings below 50 indicate contraction of the sector. Economists expected the reading to fall to 51 with activity still remaining in the growth zone.
New orders index dropped to 50.9 in April from 55.3 in March, mainly due to lower demand from the domestic market.
The production index was at 52.8, down from 54.7 in the previous month. Firms production plans remained firm, but were less upbeat than in March. The corresponding index dropped to 55.9 from 60.5 in March.
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