PMI Purchasing Managers' Index (PMI)
PMI April 2024: No spring awakening for manufacturing
The procure.ch Purchasing Managers’ Index (PMI) fell from 45.2 to 41.4 points in pril, marking its lowest level since October 2023. The PMI has now sat below the growth threshold of 50 points for more than five quarters. The Services PMI, on the other hand, has recovered significantly, climbing from 47.6 points in the previous month to 55.6 points currently. The pronounced decline in March below the growth threshold appears to have been an outlier. Last year and at the beginning of this year, the PMI pointed to a bifurcation of the Swiss economy: robust services but weak manufacturing. While the March PMI survey pointed to a convergence in sentiment in both sectors, April’s data clearly points again to a bifurcation in economic activity.
PMI March 2024: Setback in services
The procure.ch Purchasing Managers’ Index (PMI)
climbed from 44.0 points to 45.2 points in March.
Although this is the highest level since April 2023,
the PMI remains below the growth threshold of 50
points, still indicating that the manufacturing sector
is shrinking.
The PMI was supported by a less pessimistic
assessment of the output and the backlog of orders.
The services PMI stood at 47.6 points in March and
thus lost 5.4 points compared to February. The index
is no longer pointing toward growth in the services
sector for the first time since the summer of 2023.
The setback for the services PMI is spread across all
subcomponents.
Producer and Import Price Index
Producer and Import Price Index in January 2024
Producer and Import Price Index fell by 0.5% in January
The Producer and Import Price Index fell in January 2024 by 0.5% compared with the previous month, reaching 106.7 points (December 2020 = 100). Lower prices were recorded in particular for petroleum and natural gas, petroleum products as well as for computer, electronic and optical products. Electricity, on the other hand, became more expensive. Compared with January 2023, the price level of the whole range of domestic and imported products fell by 2.3%. These are the results from the Federal Statistical Office (FSO).
Producer and Import Price Index in December and annual inflation 2023
Producer and Import Price Index with average annual inflation of +0.2% in 2023
The Producer and Import Price Index fell in December 2023 by 0.6% compared with the previous month, reaching 107.2 points (December 2020 = 100). Compared with December 2022, the price level of the whole range of domestic and imported products fell by 1.1%. Average annual inflation was +0.2% in 2023. These are the results from the Federal Statistical Office (FSO).
Producer and Import Price Index in December and annual inflation 2023