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Switzerland PMI September 2022

Switzerland: Manufacturing PMI rises in September; services PMI declines

The Credit Suisse/ Manufacturing Purchasing Managers’ Index (PMI) came in at 57.1 in September, up from August’s 56.4. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.

The headline print reflected faster growth in output, new orders and employment. Moreover, concerns over supply constraints and energy shortages this winter led firms to stockpile inputs at an accelerated rate. Switzerland’s manufacturing PMI readings have compared extremely favorable to those of the Euro area in recent months, likely as the Swiss industrial sector is dominated by chemicals and pharmaceuticals, which are relatively resilient to cyclical economic shifts.

Meanwhile, the more domestically focused services PMI clocked in at 52.3 in September, down from August’s 56.9, amid slower growth in business activity and new orders.

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

“Almost one third of the manufacturing companies surveyed are concerned that there may be production outages over the coming six months due to heightened energy prices. 36% of those who believe they will be affected actually expect outages to be so severe that there is a risk of short-time working. Compared to March this year – when we asked the same question immediately after the outbreak of war in Ukraine – it is therefore clear that the situation has escalated.”

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