FX.co ★ Switzerland PMI at Nearly 3-Year High

The Swiss procure.ch and UBS Purchasing Managers' Index (PMI) increased to 49.7 in November 2025, up from 48.2 in October, surpassing anticipated forecasts of 48.5. This figure represents the highest level since December 2022, indicating that the industrial sector is nearing stabilization following nearly three years of continuous decline. There were improvements noted in several areas: order books rose by 0.8 points to 48.1, delivery times improved by 3.9 points reaching 55.8, stock purchases increased by 3.4 points to 48.8, sales stocks climbed by 0.8 points to 46.8, and employment saw a rise of 2.7 points to 49.9. However, production saw a slight decline, dropping by 1.2 points to 47.9, and purchasing prices increased, rising by 2 points to 55. Furthermore, approximately only 24% of the surveyed companies now anticipate a rise in protectionism over the next year, down from over 40% in October, due to a trade agreement reached between Switzerland and the United States.