Swiss Manufacturing Contracts For the First Time Since 2003, Fueling Growth Concerns

Swiss September manufacturing PMI slumped to 47.8 from 52.5 and well below the Reuters median for 51.0. This was the first time the index fell below the 50-mark since 2003. A breakdown of the headline reading shows a lage drop to the production sub-index, which is now down to 43.1. In fact, all sub-indicies bare stocks, fell from August, although the deterioration of the employment index was marginal. Purchases prices also came down, as could be expected given the fall in commodity prices. Overall, data highlights the continued deterioration of the Swiss manufacturing sector.

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