Switzerland PMI at Nearly 3-Year High

Switzerland’s procure.ch and UBS manufacturing PMI rose to 48.8 in January 2026 from an upwardly revised 46.4 in December, signalling a modest easing of pressure on the industrial sector. The improvement was driven by a stabilisation in production, with the output index climbing to 50.8, its first expansion since August. Order backlogs rebounded to 47.7, but inventories continued to be reduced. Employment stayed weak at 46.9, pointing to ongoing labour market strain. Purchasing volumes remained in contraction at 43.1, while input prices rose to 51.5 due to higher costs for electronic components and industrial metals. Supplier delivery times eased slightly but remained elevated, reflecting ongoing supply constraints. Looking ahead, expectations of rising protectionist measures increased, with one in four firms anticipating greater trade barriers over the next 12 months, adding uncertainty to the manufacturing outlook.

Switzerland’s procure.ch and UBS manufacturing PMI fell to 45.8 in December 2025 from 49.7 in November, well below forecasts of 49.9 and marking three years below the 50-point threshold. It also marks the lowest level since the announcement of US tariffs, despite some easing in protectionism-related headwinds. The downturn was broad-based, with production dropping 2.1 points to 45.8, while the order book index slid sharply by 7.1 points to 41.1. Purchasing volumes declined to 42.2, and stocks of purchased goods fell to 42.5. Employment also weakened, slipping 3.5 points to 46.4, remaining firmly in contraction territory. On the cost side, purchasing prices stayed above 50 at 52.8, despite a monthly decline, and delivery times edged up to 56.4, while sales stocks eased to 46.2. Overall, the PMI continues to reflect ongoing strain in Swiss manufacturing, even after the US agreed a trade deal with Switzerland that reduced outsized tariffs on some of the country’s exports.

The Swiss procure.ch and UBS PMI rose to 49.7 in November 2025 from 48.2 in October, above forecasts of 48.5. It marks the highest reading since December 2022, signalling that the industrial economy is approaching stabilization after nearly three years of continuous contraction. Increases were seen in orderbooks (+0.8 to 48.1), delivery times (+3.9 to 55.8), stocks purchases (+3.4 to 48.8), sales stocks (+0.8 to 46.8) and employment (+2.7 to 49.9). On the other hand, production contracted slightly more (-1.2 to 47.9) and purchasing prices accelerated (+2 to 55). Meanwhile, only around 24% of surveyed companies now expect an increase in protectionism over the next 12 months, compared to more than 40% in October, amid an agreement between Switzerland and the US on a trade deal.