FX.co ★ Swiss Factory Activity Contracts Less than Expected

The Swiss procure.ch and UBS Manufacturing PMI rose to 48.2 in October 2025, up from 46.3 in September, outperforming market expectations of 47.5. However, despite this progress, the index has remained in contraction territory for the 34th month in a row, as ongoing protectionist measures, particularly from the US, continue to challenge the sector. Nonetheless, the overall trend has shown an upward trajectory since hitting a low in July 2023. Most sub-indices contributed to the increase: order books improved by 6.8 points to 47.3, purchasing volume increased by 4.4 points to 46.2, stock purchases edged up by 0.2 points to 45.4, sales stocks rose by 1.7 points to 45.9, employment increased by 3 points to 47.2, and purchasing prices climbed by 2.2 points to 53. Conversely, production experienced a slight decrease, dropping 0.3 points to 49.1, and delivery times shortened by 4.3 points to 51.9.