Feb. 1 (Bloomberg) -- Norwegian manufacturing unexpectedly rose for the first time in four months in January as orders and production increased.
A seasonally adjusted index based on responses from purchasing managers jumped to 54.9 from 46.6 in December, Oslo- based Fokus Bank said today in a statement. The index was forecast at 48, according to a Bloomberg survey of nine economists. A reading below 50 signals a contraction.
The sub-index measuring orders rose to 57.9 from a revised 40 in December, the highest since August, according to the survey. The employment index rose to 52.3 from a revised 44.9 and the production measure increased to 54.2 from 49.4.
Norway’s central bank in December unexpectedly cut its benchmark interest rate by 50 basis points to 1.75 percent to shield the world’s seventh-largest oil exporter from the fallout of Europe’s debt crisis.
Norway’s PMI Index was started by Fokus Bank in 2004 in cooperation with the Association for Purchasing and Logistics. Fokus is owned by Danske Bank A/S, Denmark’s biggest lender.
--Editors: Meera Bhatia, Jonas Bergman
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