Switzerland: Manufacturing PMI drops to over one-year low in May; services PMI rises
Latest reading: The UBS/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 42.1 in May, down from April’s 45.8. May’s result marked the weakest reading since April 2024, with the fall potentially linked to rising global protectionism. As such, 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. Easing output, order backlogs and purchasing activity drove the fall.
In contrast, the Services PMI came in at 56.3 in May, up from April’s 52.4, with improved readings for business activity, new orders and order backlogs.