The Swiss Manufacturing PMI rose to 47.2 in August 2019 from 44.7 points in the previous month and above market expectations of 46.5. Still, the latest reading pointed to the fifth month of contraction in the manufacturing sector, amid the general backdrop of a strong CHF versus EUR, heightened uncertainty and weak growth in the countries that purchase Swiss manufacturing products. Five of the eight sub-indexes increased: production (2.8 points to 46.7); new orders (8.2 points to 47.4); purchasing volume (0.6 points to 40.5); purchasing prices (1.3 points to 48.8); and stocks purchased (4.0 points to 47.9). In contrast, declines were seen in delivery times (-0.7 points to 46.2), sales stocks (-7.4 points to 47.6), and employment (-4.9 points to 47.8). Manufacturing PMI in Switzerland averaged 53.95 from 1995 until 2019, reaching an all time high of 66.90 in December of 2006 and a record low of 32.80 in March of 2009.
Manufacturing PMI in Switzerland is expected to be 49.50 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in Switzerland to stand at 52.90 in 12 months time. In the long-term, the Switzerland Manufacturing PMI is projected to trend around 54.00 in 2020, according to our econometric models.