Switzerland: Manufacturing and services PMIs ease in October
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 40.6 in October, down from September’s 44.9. 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 weaker readings for output, order backlogs and employment. Manufacturing activity has been depressed in recent months by soft goods demand in the Eurozone and a strong Swiss franc.
Meanwhile, the Services PMI clocked in at 52.2 in October, down from September’s 52.8 due to weaker readings for business activity, new orders and employment. As has been the case in recent months, the more domestically-oriented services sectors continued to outperform manufacturing, bolstered by low domestic inflation and unemployment.