Switzerland: Manufacturing PMI records worst reading since June 2020 in April; services PMI loses steam
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 45.3 in April, down from March’s 47.0. April’s result marked the worst performance since June 2020, likely linked to soft overseas goods demand. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month. The headline print reflected deteriorations in output, new orders and purchasing activity. More positively, price pressures continued to ease amid improved global supply chains.
The Services PMI came in at 52.2 in April, down from March’s 54.2, on softer expansions in business activity, new orders and employment.
Taken together, April data shows a continuation of the trends observed so far this year: both the manufacturing and services sectors appear to be losing steam, although the more domestically-focused services PMI is holding up much better than the manufacturing PMI.