Data from the trade association for purchasing and supply management, released on Monday, showed that the Purchasing Managers' Index (PMI) for the manufacturing sector in Switzerland continued to contract in January, at a pace greater than expectations, reaching its lowest level since July.
According to the incoming data, the Swiss manufacturing PMI recorded a contraction to 47.5 points in January, down from 48.4 points in December, which was worse than market expectations that anticipated an increase in the manufacturing index to 49.0 points in January.
The PMI is a leading indicator of the health of the Swiss economy, as companies react quickly to market conditions, and purchasing managers have insights into the economic situation.
The index results are derived from a survey involving approximately 280 purchasing managers who are asked to assess the relative level of business conditions, including employment, production, new orders, prices, supplier deliveries, and inventories.
