Activity in the Norwegian manufacturing sector decreased at a faster-than-expected pace in April, after staying flat in the previous month, data from a survey showed Friday.
The seasonally adjusted purchasing managers' index for the manufacturing sector dropped to 48.9 in April from 50 in March, market research agency NIMA said. Economists had forecast the index to dip modestly to 49.8. A reading below 50 indicates contraction, while one above suggests growth.
New orders received by goods producers decreased for the third successive month in April, but at a slightly slower rate than in the previous month. In line with the slump in new business, production at Norwegian factories decreased significantly.
Manufacturers raised their employment levels for the six consecutive month, but the rate of increase weakened notably from the previous month, data showed.
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