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Switzerland PMI September 2019

Switzerland: Manufacturing PMI in September falls to lowest level since July 2009; services PMI ticks up

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and fell to 44.6 in September from 47.2 in August, marking the lowest level since July 2009. As such, the index remained firmly below the 50-threshold that separates contraction from expansion in the manufacturing sector.

The fall in business activity in September was due to a decline in all but one of the sub-indices, with only the labor market remaining robust. Both production and order books fell throughout the month, with order books shrinking at a markedly faster pace than in August. This fed through into a lower quantity of purchases and a reduction in prices.

The service sector continued in expansionary territory in September, with the industry-specific PMI registering 56.4, up from 55.3 in August. This was driven by stronger business activity and new orders. The growth in employment within the service sector was mild.

Claude Maurer, head of Swiss macro analysis and strategy at Credit Suisse, noted that the good performance of the service sector “would rapidly change in the event of a general downturn on the labor market. [However,] if there are no signs of a broad-based trend towards job cuts, the Swiss economy is likely to continue growing, albeit at a generally subdued pace”.

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