As a result, the Norwegian Purchasing Managers Index has continued to rise since February.
The Norwegian Industrial Purchasing Managers Index (PMI) rose 3 points to 60.4 points. In addition, the index rose by 1.4 points in February. The rise indicates a broad increase in industrial activity in March.
According to data from DNB and Nima, except for July 2017, all major indexes rose to their highest levels since the spring of 2007.
The basic trend is clearly rising, with production, orders and employment sub-indexes improving significantly. The weighted average of these three indexes rose by 3.7 points to 60.5.
This is the second time since the financial crisis that all these indexes have closed above 60 at the same time.
When the index rises above 50, it indicates an increase in activity or growth, while a value below 50 may indicate a decline.
The supplier delivery time index fell 2.5 points in March to 68.5. A high index means a long delivery time, which is usually related to high activity. However, this may also reflect other factors, such as transportation issues.
The press release said: “This is still very high.” Inventories of purchased goods fell 5.4 points to 52.3 in March. It is usually assumed that lower inventory reflects higher demand. Therefore, the decline in inventory helps to improve the overall index.
The employment index rose 5.3 points to 60.1 in March. This is at the same level as in August 2018.
The production index also rose by 2.4 points to 61.1 last month. This is the highest level since April 2018. After the index was revised upwards in February, the basic trend now shows a clear rebound.
The new orders index rose by 3.7 points to 60.3 points in March. This also shows that industrial orders increased sharply last month. Orders divided by the domestic market and exports increased by 5.8 points and 1.2 points, respectively.