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Sweden Manufacturing Expands In June

Sweden's manufacturing sector increased in June, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the manufacturing sector increased to 47.3 in June from a revised 40.0 in May. Any reading below 50 indicates contraction in the sector.

"However, the large rise in June should be seen as a rebound following an exceptionally deep decline in the spring, but will also be supported by the easing of restrictions placed on the coronavirus," Swedbank analyst Jorgen Kennemar said.

Among the sub-indices, order intake and production increased in June. Suppliers' delivery times decreased for the second straight month.

"Reduced supply problems for the Swedish manufacturing industry as several countries have opened previously closed borders appear to have reduced suppliers' delivery times, Kennemar said.

Production plans for the next six months were more optimistic in June and indicated a weaker price pressure, albeit an increase in price.

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