Norway's manufacturing sector rebounded in March after contracting in February, reflecting a marked improvement in employment, survey results released by the Fokus Bank and the Norwegian Association of Purchasing and Logistics showed Wednesday.
The seasonally adjusted Purchasing Managers' Index (PMI) for the manufacturing sector rose to 50.1 from 48.4 in February. A reading above 50 suggests expansion in the sector.
The production index climbed to 50.7 in March, the highest value since late May, from 47.3 in February. After easing sharply in February, orders improved moderately to 47.5, driven by a robust growth in foreign demand.
The employment index climbed sharply to 56.4 from 51 in February. This was the highest index value since March last year, it said.
Nonetheless, the stock index remained below 50 for the eighth month, suggesting that companies are continuing de-stocking.
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