Switzerland: Manufacturing and services PMIs rise in September
October 1, 2021
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) came in at 68.1 in September, up from August's 67.7. Consequently, the index remained entrenched above the 50-threshold, signaling a faster improvement in business conditions from the previous month. The reading was driven by faster output growth and extremely strong growth in purchasing activity as firms aimed to ensure sufficient inputs in the face of exceptionally long lead times. In contrast, new orders growth eased slightly.
Meanwhile, the Services PMI ticked up from 61.3 to 62.1, aided by faster growth in new orders and employment, amid an under-control domestic Covid-19 situation. On the price front, input price inflation intensified in both the manufacturing and services sectors. Taken together, the PMI readings for Q3 suggest a solid GDP outturn in the quarter.
Author: Oliver Reynolds, Economist