DNB PMI for March rose by 2.9 points to 60.4 points, DNB and the Norwegian Association for Purchasing and Logistics (Nima) announced on Tuesday. PMI stands for “purchasing manager index”, a purchasing manager index in Norwegian, and is an expectation survey among purchasing managers.
The main index is now on a par with the spring of 2007 and at its highest since July 2017, DNB writes in an update.
An index below 50 points indicates declining activity, while an index above 50 points indicates increased activity.
Activity in the industry has been increasing since August last year, after the PMI index rose to over 50 points in September and has since been above this level.
– In the last two months, the index has risen more markedly, which indicates a broader based recovery. Rising infection rates and stricter infection control measures in Norway and elsewhere have had a smaller impact on industry in recent months than they had in March and April last year, writes senior economist Kyrre Aamdal in DNB Markets in an update.
Aamdal in DNB Markets points out that the PMI figures fluctuate a lot, and that Norges Bank will probably not be affected by the strong March figures.
- The order intake index rose to 60.3 points in March. At the same time, the index for February was revised up from 54.5 to 56.6 points
- The index for production rose to 61.1 points in March, and was revised up to 58.7 points from 56.9 points in February
- The employment index was 60.1 points in March. The February figure was revised up to 54.7 points from 53.2 points
- The index for delivery time fell from 71.0 points in February to 68.5 points in March
- The stock index fell 5.4 points in March to 52.3 points
The indices for production, new orders and employment rose significantly from February to March, which indicates a broad-based improvement despite the tightening of infection control measures, it is stated. This is the second time since 2007 that all three sub-indices have been above 60 points at the same time, according to DNB.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other form of use of all or part of the content, can only take place with written permission or as permitted by law. For additional terms look here.