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Switzerland PMI February 2024

Switzerland: Manufacturing PMI improves in February; services PMI dips

The Credit Suisse/ Manufacturing Purchasing Managers’ Index (PMI) came in at 44.0 in February, up from January’s 43.1. As such, the index remained below the 50.0 no-change threshold, signaling a continued—albeit softer—deterioration in manufacturing sector operating conditions from the previous month. The headline print reflected stronger readings for output, new orders and purchasing activity.

Meanwhile, the Services PMI stood at 53.0 in February, down from January’s 54.6, on weaker readings for business activity and order backlogs.

Taken together, the PMI data for January–February suggests a continuation of last year’s trend, with the solid domestically-oriented services sector contrasting a more sluggish export-oriented manufacturing sector. That said, the manufacturing PMI has now risen for four straight months, suggesting an incipient turnaround in the sector.

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