Switzerland PMI January 2019


Switzerland: Manufacturing PMI tumbles to over two-year low in January

February 1, 2019

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch fell to 54.3 points in January from a revised 57.5 points in December (previously reported: 57.8 points), coming in slightly below the index’s long-term average of 55.0 points. January’s result marked the lowest reading since August 2016. Nevertheless, the index remains well above the 50-point threshold that separates expansion from contraction in the manufacturing sector.

The weaker headline print in January came primarily on the back of softer production, while new orders were relatively stable in the month. Moreover, employment grew at a more moderate pace, but remained robust regardless. Meanwhile, delivery times shortened noticeably, signaling higher capacity utilization. In terms of inventory, stocks of raw materials rose at a softer pace in the month, whereas finished-goods inventories fell, pointing to stronger-than-expected demand.

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 1.6% in 2019, which is up 0.1 percentage points from last month’s forecast, and growing 1.6% again in 2020.


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Switzerland PMI Chart

Switzerland PMI January 2019

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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