FX.co ★ Swiss Manufacturing Downturn Hits 9-Month Low

The Swiss procure.ch Manufacturing PMI declined to 45.8 in April 2025 from 48.9 in March, reaching its lowest level in nine months and missing market expectations of 48.6. This marks the 28th consecutive month the index has languished below the 50-point mark, suggesting persistent contraction within the sector. The report underscored how Swiss manufacturers are increasingly affected by heightened protectionist trade measures over the past year. Key indicators pointed to widespread weakness: order backlogs decreased by 5.5 points to 44.6, purchasing volumes fell by 1.1 points to 44.1, employment dropped by 3.7 points to 44.0, inventories decreased by 2.5 points to 41.5, finished goods stocks fell by 4.4 points to 42.3, and purchasing prices reduced by 2.8 points to 47.8. The only slightly positive news was a marginal increase in production, which rose by 1.3 points to reach 49.7, yet it remained within contraction territory.