Switzerland PMI November 2020


Switzerland: Services PMI drops in November; manufacturing PMI picks up

December 1, 2020

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch rose from 52.3 in October to 55.2 in November, moving further above the 50-threshold signaling expansion in the manufacturing sector. The increase was due to faster growth in output and new orders, and a softer contraction in employment.

In contrast, the services sector contracted, weighed on by fresh federal and cantonal restrictions, with the PMI falling from 50.4 in October to 48.0 in November amid a contraction in new orders.

Taken together, PMI readings for October and November suggest a weak economic panorama in Q4—indeed, our panelists see GDP shrinking marginally in quarter-on-quarter terms in the period.

Claude Maurer, head of Swiss macro analysis and strategy at Credit Suisse, provides more context:

“Swiss manufacturing is continuing, despite the second wave of Covid-19. Switzerland’s high dependency on exports and the robust conditions in Asia in particular are likely to be proving advantageous in this regard. In contrast, the service sector, which has a greater focus on domestic consumption, is suffering due to the strained situation in Switzerland. The service PMI indicates a slight fall in activity in this sector. However, the contraction is considerably less pronounced than during the first wave of Covid in spring.”

FocusEconomics Consensus Forecast panelists expect fixed investment to grow 2.5% in 2021, which is down 0.3 percentage points from last month’s forecast. In 2022, panelists project fixed investment to expand 3.3%.

Author:, Economist

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Switzerland PMI Chart

Switzerland PMI November 20 20 1

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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