Switzerland: Manufacturing PMI deteriorates in April; services PMI improves
Latest reading: The UBS/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 45.8 in April, down from March’s 48.9. April’s result marked the worst performance since July 2024. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month. Far weaker readings for employment and new orders drove the decline. Uncertainty generated by U.S. tariffs could have been partly to blame, as the Swiss manufacturing sector is highly export-oriented.
Meanwhile, the more domestically-oriented services sector seemed strong, with the services PMI clocking in at 52.4 in April, up from March’s 50.6.