Switzerland: Manufacturing PMI points to slower expansion in June
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch dropped from 62.4 points in May to 61.6 points in June. Despite the drop, the indicator remained well above the critical 50-point threshold that separates expansion from contraction in manufacturing output, and above the series’ long-term average.
June’s reading came as employment decreased from last month’s record high. This was despite faster growth in output and new orders, buttressed by buoyant client demand. Meanwhile, stocks of finished goods recorded a sharp decline; the drop is indicative of a recovery in the Swiss industrial sector in the second quarter.