Swiss purchasing managers remain gloomy

The recovery in Swiss industry is a long time coming. The managers responsible for purchasing have lowered their assessments again. By contrast, the services Purchasing Managers' Index (PMI) remained in growth territory in November. +Get the most important news from Switzerland in your inbox The PMI for industry fell by 1.4 points to 48.5 in November (seasonally adjusted). It therefore failed to break through the growth threshold. PMI values above 50 indicate growth and values below that indicate a decline. This means that the indicator has now remained below the 50-point mark for 23 months, UBS said on Monday. The bank publishes the index together with the purchasing and supply management association Procure. However, it has stabilised at a level that points to only a slight contraction in the industry. The stabilisation of the Swiss PMI contrasts with the continued weakness of the PMIs in the eurozone. If there is no recovery in the eurozone, the risks for the Swiss PMI are also ...