FX.co ★ Swiss Manufacturing PMI Falls in September

In September 2025, the Swiss procure.ch PMI fell to a seasonally adjusted 46.3, down from 49.0 in August and below the anticipated 48.0 projected by the market. This figure indicates the steepest downturn in the manufacturing sector since May, as increasing protectionist measures, notably from the United States, continue to affect the industry. The percentage of companies experiencing the impact of these measures rose to an unprecedented 47%. The downturn was widespread across various components: production dropped by 6.1 points to 49.4, new orders fell by 4.7 points to 40.5, purchasing volume slightly decreased by 0.1 point to 41.8, stocks of purchases diminished by 0.5 points to 45.2, sales inventories declined by 5.6 points to 44.3, and employment contracted by 2.2 points to 44.2.