2019.02.0107:11:00UTC+00Sweden Factory PMI Lowest Since February 2016

Sweden's manufacturing growth slowed for a second straight month in January to its lowest level in nearly three years amid a decline in new orders and backlogs, survey data from Swedbank and the logistics association Silf showed on Friday.

The manufacturing Purchasing Managers' Index dropped to 51.5 from 51.8 in December. The latest reading was the lowest since February 2016. A PMI score above suggests growth in the sector. Economists had forecast a score of 51.5.

The new order index made the biggest negative contribution to the PMI decline. The measure fell to 49.3 from 52.6. Orders decreased for the first time since February 2016.