Switzerland PMI January 2021


Switzerland: Manufacturing PMI picks up in January, services PMI pulls back

February 1, 2021

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch rose from 57.3 in December to 59.4 in January, the highest reading in over two years and moving further above the 50-threshold signaling expansion in the manufacturing sector. The increase was due to faster growth in output, new orders and employment, amid solid Asian demand.

Meanwhile, the services sector deteriorated at a slightly sharper rate, with the PMI dipping from 49.5 in December to 49.1 in January, on the back of weaker business activity growth and a sharper fall in employment. The decline in the services PMI was likely influenced by the federal restrictions introduced in late-December to stem the spread of Covid-19, which included the closure of bars and restaurants. The further tightening of restrictions from mid-January, including the closure of non-essential shops, could further weigh on the services sector in the coming month, although the decline should still be far less sharp than in spring 2020.

According to Claude Maurer, head of Swiss macro analysis and strategy at Credit Suisse:

“The PMI shows that manufacturing continued its recovery. The second wave has also had a milder impact than the first on investment […]. While the services sector, which is more oriented towards domestic consumption, is losing speed, there is no sign of the collapse seen last spring.”

FocusEconomics Consensus Forecast panelists expect fixed investment to grow 2.9% in 2021, which is down 0.5 percentage points from last month’s forecast. In 2022, panelists project fixed investment to expand 3.3%.

Author:, Economist

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Switzerland PMI Chart

Switzerland PMI January 2021

Note: Credit Suisse and procure.ch Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a reading below 50 indicates a contraction.
Source: Credit Suisse and procure.ch.

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