Sentiment in Swiss industry deteriorates in October
Published: Wednesday, Nov 1st 2023, 09:50
Updated At: Thursday, Nov 2nd 2023, 00:54
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The situation in Swiss industry remains depressed. The Purchasing Managers' Index (PMI) fell more sharply than expected in October, remaining clearly in negative territory.
The PMI for industry decreased by 4.3 points to 40.6 points in October, according to UBS on Wednesday. It (formerly CS) calculates the index together with Swiss purchasing and supply management association procure.ch. Economists surveyed by news agency AWP had forecast values in the range of 43.0 to 45.5 points.
Production fell more sharply than in the previous month and, in addition, according to the experts, the low order backlogs offer little reason to hope for a rapid recovery.
In July, the industrial PMI had plummeted to its lowest level since 2009 at 38.5 points. PMI values above 50 points indicate growth and are therefore positive. Values below 50 points signal a decline.
The services PMI, which is geared more to domestic consumption, held up better. Although it also declined, it remained above the growth threshold at 52.2 points (-0.6 points), indicating slightly positive momentum in the sector.
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