Switzerland: Manufacturing and services PMIs pick up in November
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 42.1 in November, up from October’s 40.6. As a result, the index remained below the 50.0 no-change threshold, signaling a continued—albeit softer—deterioration in manufacturing sector operating conditions from the previous month. The headline print reflected improved readings for output and order backlogs. Meanwhile, delivery times were shortened further, reflecting soft demand and the post-pandemic normalization of global supply chains.
The Services PMI came in at 53.6 in November, up from October’s 52.2, on the back of improved readings for new orders and employment.
Taken together, the PMI readings show the continued dichotomy between the domestically-oriented services sector, which remains robust, and the weak export-oriented manufacturing sector.