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Switzerland PMI May 2020

Switzerland: Services and Manufacturing PMIs edge up from historic lows in May

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and inched up to 42.1 in May from 40.7 in April. Although May’s PMI marked a softer contraction than in the prior month, the index remained entrenched below the 50-threshold that separates contraction from expansion in the manufacturing sector.

The relative uptick in fortunes was driven by a less pronounced drop in output, with the subindex pulling away from the record low hit last month. Furthermore, backlog of orders fell at a softer rate than in April, while employment levels showed no further deterioration, with only one quarter of surveyed firms reporting a lower headcount.

Similarly, the downturn in the services sector softened in May, as the PMI rose to 36.2 from April’s record low of 21.4. Business activity fell at a significantly slower pace in May as the easing of lockdown measures brought some stabilization to the sector. However, employment levels dropped further this month as demand for personnel continued to suffer in the face of the ongoing impact of the pandemic.

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