FX.co ★ Sweden Manufacturing PMI Highest Since 2022

The Swedbank Manufacturing PMI in Sweden climbed to 55.6 in September 2025, up from 55.3 in August, reaching its highest level since spring 2022. A significant boost was noted in employment, which increased to 53.6 from 52.3, followed by a rise in new orders to 57.7 from 57.0. Meanwhile, inventories of purchased materials became leaner, dropping to 46.9 from 48.4, an indicator typically suggesting stronger future activities. Although production slightly decreased to 56.9 from 57.9, it remained above its historical average, while supplier delivery times showed little change, recording 53.6 compared to 53.8 previously. Production plans experienced a modest decline to 63.8 from 64.5, yet they continued to reflect manufacturers' optimism. Input prices increased to 51.0, marking the highest level in six months, though they still remain considerably below the long-term average of 57.6, indicating subdued cost pressures. According to PMI analyst Jörgen Kennemar, the third quarter was the most favorable for Swedish industry in three years, largely driven by order growth. However, notable risks persist, including a stronger krona, weak demand in the eurozone, and uncertainty in trade policies.