Switzerland: Manufacturing PMI eases in May; services PMI improves
June 1, 2022
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 60.0 in May from April's 62.5. May's result marked the worst performance since December 2020. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a slower improvement in business conditions compared to the previous month. The dip was due to slower growth in output, new orders and purchasing activity, while input price growth eased somewhat.
Meanwhile, the Services PMI came in at 60.2 in May, up from April’s 56.2, thanks to faster growth in business activity and new orders. Taken together, the PMI readings for April and May suggest ongoing robust economic growth in Q2.
Author: Oliver Reynolds, Economist