Swiss Factory PMI Falls Unexpectedly

Swiss Factory PMI Falls Unexpectedly


An indicator of Swiss manufacturing sector performance declined unexpectedly in August, pointing to further deterioration in business conditions during the month, a survey revealed Monday.
The procure.ch /SVME purchasing managers' index fell to 46.7 from 48.6 in July. Economists had forecast an increase to 49.4.
The PMI traded beneath the growth threshold of 50 for the fourth month in succession, suggesting contraction of the factory sector.
"In view of the roller coaster ride in Europe, Swiss industry is failing to pick up," the report pointed out.
Following two months of growth, production decreased again in August. The production sub-component fell by 4.8 points to 46.7 and therefore slid out of the growth zone.
The backlog of orders fell again for the fifth consecutive month. The corresponding index fell to 45.8 in August from 47.8 in the previous month.


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