FX.co ★ Sweden Manufacturing Growth Slows in November

In November 2025, Sweden's Swedbank Manufacturing PMI decreased slightly to 54.6, down from 55.1 in October, though it continues to surpass the long-term average of 54.3 for the fifth consecutive month. Despite the continued positive trend, this marks the lowest level since July, primarily due to decreased production levels, which fell to 57.6 from 60.5, and a slight deceleration in delivery times, recorded at 52.7 compared to 53.2 previously. On a brighter note, new orders rose to 56.7, bolstered by stronger domestic demand, and employment saw a small increase to 51.6, signaling ongoing job growth. Inventory levels held steady at 49.9, whereas order backlogs experienced a substantial rise to 58.7, the highest point since early 2022. Input costs inched up to 53.4, yet they remain significantly below the historical norm, indicating moderate cost pressures. Despite challenges in the eurozone, particularly in Germany, production outlooks remain highly positive, with plans indexed at 66.7, reflecting strong confidence in the near-term prospects.