Temperatures are dropping in the industry

The Purchasing Managers' Index for Swedish industry in November fell to 54.6 from a revised 55.0 in October. An index figure above 50 indicates increased activity in the sector.

"The sub-index for production accounted for the largest negative contribution to the decline in the PMI total, followed by delivery times, while the sub-indexes for order intake and employment increased. Purchasing managers' production plans signal a positive market outlook," Swedbank writes in a press release.

Price pressure in the industry is "continues to be subdued," according to Kennemar.

"Probably driven by the strengthening of the krona and moderate increases in commodity prices. In the long term, this could have an impact on consumer prices and inflation," he says.