STOCKHOLM (dpa-AFX) - Sweden's industrial economy expanded at the fastest pace in more than for-and-a-half years in October, survey data from Swedbank and the logistics association SILF showed on Monday.
The purchasing managers' index for the manufacturing sector rose to 60.5 in October from 58.5 in September. A reading above 50 indicates expansion and is still above its historical average for the sixteenth consecutive month.
During October, the upturn was driven by higher production, employment, and lower inventory purchases. The largest positive contribution came from production, while the sub-indexes for order intake and delivery times declined slightly.
Price pressures intensified in October to the highest level in over four years, as the index for suppliers' raw and input prices climbed to 82.6 from 78.3 in September.
'Higher cost pressure challenges industrial companies' margins and increases the risk that cost increases will be passed on to producers and consumers. Something that the Riksbank needs to take into account before the next monetary policy decision,' Swedbank analyst Jorgen Kennemar, said.
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