Switzerland: Manufacturing PMI falls in July; services PMI slumps
Latest reading: The UBS/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 48.8 in July, down from June’s 49.6. 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. The fall was driven by declining order backlogs.
Meanwhile, the Services PMI came in at 41.8 in July, down from June’s 48.5, with firms reporting worse conditions across a range of service-related indicators. However, the Services PMI tends to be bumpy from month to month, meaning it is still premature to read too much into the July reading.