Switzerland: Manufacturing and Services PMIs moderate in November
December 1, 2021
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 62.5 in November from October's 65.4. November's result marked the worst performance since February. However, the index remained entrenched well above the 50-threshold, signaling a continued improvement in business conditions from the previous month. November’s reading was driven by softer growth in output, new orders, purchasing activity and employment. Meanwhile, price pressures eased somewhat but remained intense. Supply limitations were a key factor holding back output growth in the month.
Meanwhile, the more domestic-focused Services PMI eased from 59.4 in October to 58.0 in November on milder expansions in new orders and a contraction in employment—likely linked to surging Covid-19 cases domestically and in key European neighbors.
Author: Oliver Reynolds, Economist