Manufacturing PMI down to 51.4 in August

Norway August manufacturing PMI fell to 51.4 (from a downwardly revised 56.4 in July), only just remaining in expansionary territory. The release notes that the July print probably overestimated activity in July. Key notes from the release are:

• "The sub-indices for new orders and production decreased markedly from July, while the employment index rose clearly". All measures were above 50 in August.
• "The index for prices on purchased goods was 56.9 in August. It is lower than in the first half of the year, but the index indicates that purchase prices still rise somewhat."
• "A decrease in the inventory index is associated with higher demand and contributes to a higher total index. But some report on the reduction of buffer stocks."

The NOK trades slightly stronger against the EUR, USD and SEK on the day.