Switzerland PMI June 2022

Switzerland

Switzerland: Manufacturing PMI records worst reading since December 2020 in June; Services PMI dips

July 1, 2022

The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 59.1 in June from May's 60.0. June's result marked the worst reading since December 2020. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a slower improvement in business conditions compared to the previous month. The slowdown was due to softer growth in output, employment and purchasing volumes.

Meanwhile, the Services PMI stood at 59.0 in June, down from May’s 60.2, amid slower growth in business activity and new orders. Across the private sector, price pressures remained elevated despite easing supply disruptions.

FocusEconomics Consensus Forecast panelists expect the economy to expand 2.5% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the panel expects GDP to expand 1.5%.


Author:, Economist

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Switzerland PMI June 2022 0

Note: Credit Suisse and procure.ch Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a reading below 50 indicates a contraction.
Source: Credit Suisse and procure.ch.


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