Switzerland: PMI jumps to fresh multi-year high in March
April 3, 2017
In March, the manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch came in at 58.6 points, which was above February’s 57.8 result and marked the highest figure in over six years. The index is now further above the 50-threshold that indicates an expansion in business activity in the manufacturing sector.
In March, production showed a particularly strong performance, but the improvement was broad-based. The backlog of orders increased strongly and inventories decreased despite higher purchasing activity. Robust growth and the return of inflation in Switzerland should finally ease pressure on the Swiss National Bank to intervene in the foreign exchange market, which had been done in the past to keep the franc from strengthening further.