Switzerland: Manufacturing PMI rises in March; Services PMI ticks down
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) rose to 64.0 in March from February’s 62.6. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month. The rise came amid stronger growth in new orders, output, and purchasing activity. Meanwhile, input price inflation accelerated, likely driven in part by the war in Ukraine. That said, hedging and energy purchases outside the wholesale market shielded many manufacturing firms from the full brunt of the spike in global energy prices.
The Services PMI came in at 61.1 in March, down from February’s 64.3, amid slower growth in business activity and new orders. That said, employment growth picked up. Finally, the purchase price and sales price subindexes were the highest on record.