Switzerland: Manufacturing PMI hits record high in April, services PMI increases
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch rose to 69.5 in April from March’s 66.3. April’s result marked the best performance on record. Consequently, the index moved further above the 50-threshold, signaling a faster improvement in business conditions compared to the previous month. April’s reading came amid surging output and backlogs of new orders, amid strong external demand.
Meanwhile, the services PMI rose from 55.5 to 57.6 amid stronger business activity and new orders growth, aided by the loosening of Covid-19 restrictions domestically.
Claude Maurer, head of Swiss macro analysis & strategy at Credit Suisse, stated:
“With the global economy cranking back into life and demand for goods at above-average levels, Swiss manufacturing is bouncing back so quickly that signs of scarcity are widespread, to such an extent that this is even causing prices to rise. That said, the process of restoring capacity is making rather sluggish progress amidst signs of a certain scepticism on the part of businesses regarding the longevity of the boom.”