Switzerland PMI August 2022

Switzerland

Switzerland: Manufacturing PMI records worst reading since November 2020 in August; services PMI improves

September 1, 2022

The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 56.4 in August from July's 58.0. August's result marked the weakest reading since November 2020. Consequently, the index remained entrenched above the 50.0 no-change threshold, signaling a softer, albeit still strong, improvement in manufacturing business conditions from the previous month. The reading was due to softer growth in output and purchasing activity. More positively, supply constraints eased in August, and employment growth was robust.

The Services PMI clocked in at 56.9 in August, up from July’s 55.2, with growth in business activity and new orders accelerating from the previous month.

On the reading, Claude Maurer, head of Swiss economics at Credit Suisse, said:

“In contrast to the situation in the eurozone, Swiss industry is still a long way from contracting. While the PMI fell once again in August, well stocked order books are pointing to increases in output over the coming months […] Furthermore, the labour market situation remains solid in both the manufacturing and service sectors, which should support consumer spending for the foreseeable future.”

FocusEconomics Consensus Forecast panelists expect the economy to expand 2.5% in 2022, which is unchanged from last month’s forecast. In 2023, the panel expects GDP to expand 1.3%.


Author:, Economist

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Switzerland PMI August 2022

Note: Credit Suisse and procure.ch Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a reading below 50 indicates a contraction.
Source: Credit Suisse and procure.ch.


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