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Switzerland PMI February 2021

Switzerland: Manufacturing and services PMIs pick up in February

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and rose from 59.4 in January to 61.3 in February, the highest reading in over two years and moving further above the 50-threshold signaling expansion in the manufacturing sector. The increase was due to faster growth in output, new orders and employment, amid solid Asian demand.

Meanwhile, the services sector gained steam, with the PMI rising from 49.1 in January to 52.0 in February thanks to faster growth in business activity and new orders. However, employment declined at a sharper rate. The services sector has held up well in recent months despite the second wave of Covid-19 and progressively tougher cantonal and federal restrictions, likely as firms and consumers are better able to work around the restrictions relative to the first wave last spring.

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