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Switzerland PMI February 2022

Switzerland: Manufacturing PMI dips in February; Services PMI booms

The Credit Suisse/ Manufacturing Purchasing Managers’ Index (PMI) fell to 62.6 in February from January’s 63.8. February’s result marked the worst reading since February 2021. As a result, the index remained entrenched well above the 50-threshold, signaling a softer, albeit still strong, improvement in business conditions from the previous month. The lower reading was driven by slightly milder growth in output and new orders. Meanwhile, supply chains showed signs of stabilizing, with the delivery times subindex continuing to fall. However, purchase prices continued to increase at a brisk pace.

Meanwhile, the Services PMI came in at 64.3 in February, up markedly from January’s 56.4, buoyed by the lifting of Covid-19 restrictions in mid-February. Growth in business activity, new orders and employment accelerated sharply, as did purchase price inflation.

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