Switzerland: Manufacturing PMI pulls back in June, services PMI increases
July 1, 2021
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch dipped from 69.9 in May to 66.7 in June. However, the index remained above the 50-threshold, signaling a still-rapid improvement in business conditions compared to the previous month. June’s reading came amid slower growth in production and new orders. Supply pressures remained acute, while input price inflation accelerated further.
Meanwhile, the services PMI rose from 58.8 to 64.4, spurred by the progressive rollback of domestic Covid-19 restrictions in recent months, with stronger growth seen in business activity, new orders and employment.
PMI readings for Q2 as a whole suggest a strong rebound from Q1’s slight contraction, as the impact of the pandemic receded.
Author: Oliver Reynolds, Economist