(RTTNews) - Norway’s manufacturing activity decreased in October after registering an improvement in the previous month, survey data from logistics association NIMA and Fokus Bank showed on Tuesday.

The NIMA/Fokus Bank Purchasing Managers Index dropped to 45.8 in October from 47.1 in the previous month. The September reading was revised from 47.4 reported initially. Economists expected a reading of 49. A PMI reading above 50 indicates expansion in activity, while a reading below 50 signals contraction.

Manufacturing production and new orders declined sharply in October. The production index slipped to 43.5 from 48.1 in September, revised from 48.4 estimated initially. At the same time, new orders dropped to 42.5 from 44.9 in the previous month, revised from 45.5 reported earlier.

However, the employment index showed a positive change in October. The index climbed to 41.5 from a revised 39 in September.

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Posted in Categories: Economy, Releases.

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