Switzerland: Manufacturing PMI improves in January; services PMI slips
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 43.1 in January, up from December’s 43.0. Consequently, the index moved marginally closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month. Higher readings were recorded for order backlogs, purchase quantities, purchase prices and delivery times.
The Services PMI clocked in at 54.6 in January, down from December’s 56.9, with stronger business activity growth more than offset by weaker new orders growth.
Taken together, the PMI data suggests a continuation of last year’s trend, with the solid domestically-oriented services sector contrasting a more sluggish export-oriented manufacturing sector.