Switzerland: Manufacturing PMI rises in May; services PMI falls
In Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) rose from 41.4 in April to 46.4 in May, marking the highest reading in over a year. As such, the index remained below below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing sector operating conditions compared to the previous month. The headline print reflected stronger readings for output, purchasing activity, job creation and new orders.
Meanwhile, the Services PMI came in at 48.8 in May, down from 55.6 in April; the services PMI tends to show volatility month to month.
Overall, the data shows a continuation of the trend which has prevailed over the last year, with the more domestically-focused services sector outperforming the export-oriented manufacturing sector.