Switzerland: Manufacturing and services PMIs rise further in September
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch rose from 51.8 in August to 53.1 in September. September’s reading marked the best result since February 2019, with the PMI moving further above the 50-threshold signaling expansion in the manufacturing sector. The improvement was spearheaded by a softer decline in employment and stronger new orders growth.
The services sector PMI surged from 51.7 in August to 55.1 in September on the back of stronger expansions in new orders and business activity. Taken together, the PMI data suggests the economy recovered strongly in Q3 from Q2’s decline.
Claude Maurer, head of Swiss macro analysis and strategy at Credit Suisse, stated:
“The generally encouraging order situation […] bodes well for the months ahead. Staff reductions have slowed somewhat at least and the use of short-time working has continued to decrease in the service sector. However, the labour market remains strained, which should weigh on Switzerland’s economic recovery going forward.”