Switzerland: PMI climbs to four-month high in September but momentum remains tepid
October 3, 2016
In September, the manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch came in at 53.2 points, beating August’s 51.0 points. The index remains above the 50-threshold that indicates an expansion in business activity in the manufacturing sector.
However, looking at the sub-indices, September’s survey reflects a mixed picture of the manufacturing sector. Quantity and stocks of purchases increased remarkably, which suggested higher demand is anticipated. In contrast, overall output decreased. The sub-index for employment also deteriorated and remains in contractionary territory, meaning that staff levels were reduced on average.
Credit Suisse added that, “In view of the reduced production and the ongoing job cuts there is not much optimism to be felt. The industrial economy only appears to be improving sluggishly.”