Switzerland: Manufacturing PMI hits record high in May, services PMI increases
June 1, 2021
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch rose from 69.5 in April to 69.9 in May. May'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. May’s reading came amid surging backlogs of new orders, and faster employment growth. There were also signs of supply shortages, with supplier delivery times lengthening at a faster pace, and purchase price inflation accelerating.
Meanwhile, the services PMI rose from 57.6 to 58.8, amid stronger business activity and employment growth, aided by the loosening of Covid-19 restrictions domestically.
Author: Oliver Reynolds, Economist