Switzerland: Manufacturing and services PMIs rise in December
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) rose to 62.7 in December from November’s 62.5. As a result, the index moved further above the 50-threshold, signaling a faster improvement in business conditions compared to the previous month. December’s reading was driven by faster growth in output, employment, orders and purchasing activity. Meanwhile, although input price inflation remained elevated, supply chains showed signs of stabilizing, with delivery times lengthening at a more moderate rate.
Moreover, the services PMI rose from 58.0 to 59.3, notwithstanding surging Covid-19 cases at home. While business activity lost momentum, this was more than compensated by improved readings in other subsectors, such as new orders and employment. Looking at Q4 as a whole, PMI data suggests the economy lost some steam relative to Q3, but stayed fairly robust nonetheless.