Switzerland: Manufacturing PMI sinks further into contractionary territory in November; services sector activity weakens
December 3, 2019
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch fell to 48.8 in November from 49.4 in October. Consequently, the index remained below the 50-threshold that separates contraction from expansion in the manufacturing sector for the seventh month running.
The deterioration in November was driven by a decline in order books while purchasing activity also shrank noticeably amid frail demand conditions. Meanwhile, production fell slightly in November, as in October. On a brighter note, employment rose in the month despite weak demand. On the supply side, delivery times shortened marginally in November.
Turning to the services sector, growth slowed with the industry-specific PMI slipping to 51.7 in November from 54.8. This was driven by a slowdown in new orders and employment.
Author: Lindsey Ice, Economist