Switzerland: Manufacturing and services PMIs in contractionary terrain in October
Latest reading: The UBS/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 48.2 in October, up from 46.3 in September. However, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions from the previous month. Readings for output, employment, purchasing activity and order volumes were in contractionary territory in October. Companies likely felt the weight of the additional 39% tariffs imposed by the U.S. on Swiss exports since early August.
The Services PMI came in at 47.8 in October, down from 51.3 in September and moving back below the 50.0 no-change threshold. After a strong start to the year, services activity has appeared to languish in recent months.