Switzerland: Manufacturing and services PMIs rise in September
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) rose to 44.9 in September from August’s 39.9. The headline print reflected improved readings for output, order backlogs and employment. However, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions from the previous month.
The Services PMI clocked in at 52.8 in September, up from August’s 50.3, thanks to improved readings for business activity, new orders and employment.
Taken together, manufacturing and services PMI readings for Q3 as a whole point to muted economic activity in the quarter, though with services activity holding up better than the more export-oriented manufacturing sector.