Switzerland: Manufacturing PMI records worst reading since December 2020 in June; Services PMI dips
July 1, 2022
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 59.1 in June from May's 60.0. June's result marked the worst reading since December 2020. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a slower improvement in business conditions compared to the previous month. The slowdown was due to softer growth in output, employment and purchasing volumes.
Meanwhile, the Services PMI stood at 59.0 in June, down from May’s 60.2, amid slower growth in business activity and new orders. Across the private sector, price pressures remained elevated despite easing supply disruptions.
Author: Oliver Reynolds, Economist