Switzerland: Manufacturing PMI rebounds in February, signaling resilience in the sector
March 1, 2019
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch rose to 55.4 points in February from 54.3 points in January, coming in a hair above the index’s long-term average of 55.0 points. Consequently, the index remains well above the 50-point threshold that separates expansion from contraction in the manufacturing sector.
The breakdown of the print painted a positive picture for the manufacturing sector. New business inflows rose slightly in February, while production also picked up modestly in the month. Moreover, job creation gained momentum, reaching a five-month high in February, and delivery times lengthened. On a less positive note, inventories of finished goods increased, suggesting lower-than-expected production and demand, while stocks of raw materials were unchanged.
Meanwhile the services-sector PMI fell to 55.7 points in February from 59.8 points in January, dragged down by steep declines in the new business and order books sub-indices.
Author: Lindsey Ice, Economist