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Switzerland PMI June 2023

Switzerland: Manufacturing PMI rises in June; services PMI deteriorates

The Credit Suisse/ Manufacturing Purchasing Managers’ Index (PMI) rose to 44.9 in June from May’s 43.2. As such, 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 lower output, new orders backlogs and purchasing activity. In recent months, manufacturing activity has likely been dampened by weak overseas demand and consumers’ shift towards services spending.

The Services PM—which is more oriented towards domestic consumption—stood at 49.6 in June, down from May’s 52.6 and below the growth threshold for the first time since December 2022.

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