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Switzerland PMI September 2018

Switzerland: Manufacturing PMI moderates in September

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and fell to an over one-year low of 59.7 points in September from 64.8 points in August. Nonetheless, the indicator remains comfortably above the 50-point threshold that separates expansion from contraction in manufacturing output.

The deterioration in operating conditions in September came on the back of declines across most of the sub-indices. Output and new order growth both slowed, and, as a result, stocks of materials and finished goods both increased notably. Meanwhile, firms eased their purchasing activity and input price inflation softened in the month. In addition, due to weaker demand, delivery times shortened. On the bright side, hiring activity picked up in September. As production and new orders tend to be volatile sub-indices, September’s slide should be taken with a grain of salt as the print remained above the series’ long-term average and the manufacturing sector continued its over two-and-a-half year expansion, albeit at a softer pace.

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