Switzerland: Manufacturing PMI records worst reading since June 2020 in May; services PMI ticks up
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 43.2 in May, down from April’s 45.3. May’s result marked the weakest reading since June 2020. As a result, the index remained entrenched below the 50.0 no-change threshold, signaling a sustained deterioration in manufacturing sector operating conditions from the previous month. The headline print reflected sharper declines in output and purchasing activity, and weaker employment growth.
Meanwhile, the Services PMI clocked in at 52.6 in May, up from April’s 52.2, chiefly on stronger employment growth. As a result, the disparity between the manufacturing sector—which is suffering from subdued overseas goods demand—and the more domestically-oriented services sector widened.