Swiss Factory Activity Hits Over 3-Year High

Switzerland’s procure.ch–UBS Manufacturing PMI rose to 54.5 in April 2026, from 53.3 in the previous month and exceeding market expectations of 52. It marked the second consecutive month in expansionary territory and the strongest reading since October 2022, as continued expansion was recorded in production (+1.7 percentage points to 52.3), order books (+1.9 percentage points to 56.1), and purchasing volume (+6.1 percentage points to 54.4). Employment also showed a modest improvement, rising by 1.0 point to 48.5, though it remained slightly below the 50 threshold, suggesting ongoing but easing labour market weakness in manufacturing. Delivery times increased by 0.5 points to 64.1, consistent with continued supplier strain. In contrast, stocks of purchases edged down by 0.1 point to 53.4, while finished goods inventories declined by 1.4 points to 48.9. On the price front, cost pressures intensified sharply, as purchasing prices surged by 11.5 points to 82.8.

Switzerland’s procure.ch and UBS Manufacturing PMI rose sharply to 53.3 in March 2026 from 47.4 in the previous month, well above market expectations of 47.0 and signaling a return to expansion for the first time since December 2022. The reading also marked the highest level recorded since that period, as improvements were observed across key components. Production increased by 3.6 points to 50.6, while new orders surged by 7.3 points to 54.2. Purchasing activity also picked up, rising by 3.3 points to 48.3, though it remained slightly below the neutral 50 threshold. Stocks of purchases climbed by 14.8 points to 53.5, while finished goods inventories increased by 7.3 points to 50.3. Meanwhile, supplier delivery times jumped by 10.2 points to 63.6. The labor market component lagged behind the broader recovery, with the employment index slipping by 1.1 points to 47.5, indicating continued contraction in hiring. On the cost side, purchasing prices surged by 15.5 points to 71.3.

Switzerland’s procure.ch and UBS Manufacturing PMI fell to 47.4 in February 2026 from 48.8 in January, defying market expectations of 50.1. This marked the continuation of a three-year stretch below the 50-point threshold, indicating ongoing contraction in the sector. Production declined by 3 percentage points to 47, after rising to 50.8 in January, while order backlogs slipped 0.8 points to 46.9, and stock purchases dropped 4.5 points to 38.6. On the other hand, purchasing volumes improved by 2 points to 45.1, sales stocks edged up 0.1 points to 43, and employment increased by 1.6 points to 48.6. Delivery times also eased slightly, falling 0.5 points to 53.4. On the cost side, input prices saw a significant rise of 4.3 points, climbing to 55.8, highlighting cost pressures in the manufacturing sector.