Switzerland: Manufacturing and Services PMIs fall in October
November 1, 2021
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) came in at 65.4 in October, down from September's 68.1. October's result marked the worst performance since February. As such, the index remained entrenched well above the 50-threshold, but signaled a softer improvement in business conditions from the previous month. Growth in output, purchasing activity and employment eased in October, while backlogs of orders continued to rise at a marked—albeit slightly softer—pace. Meanwhile, input price inflation intensified further, amid persistent global supply problems.
Meanwhile, the more domestic-focused Services PMI eased from 62.1 in September to 59.4 in October, on milder expansions in business activity, new orders and employment. In addition, in an environment of higher energy and wage costs, both input and sales price inflation intensified in October.
Author: Oliver Reynolds, Economist