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Switzerland PMI July 2023

Switzerland: Manufacturing and services PMIs ease in July to multi-year lows

The Credit Suisse/ Manufacturing Purchasing Managers’ Index (PMI) fell to 38.5 in July from June’s 44.9. July’s result marked the worst reading since April 2009. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month. The headline print reflected sharper deteriorations in output, new orders and purchasing activity, and a decline in new jobs. In particular, purchasing activity by manufacturing firms was at a record low in July.

Meanwhile, the more domestically-focused Services PMI clocked in at 42.7 in July, down from June’s 49.6 and marking the weakest reading since May 2020. The fall reflected deteriorations in indicators for business activity, new orders and employment.

Taken together, the PMI data suggests a soft start to Q3, with the economy weighed on by interest-rate hikes at home and abroad.

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