Swiss Manufacturing Growth Accelerated in November, PMI Shows
Switzerland’s manufacturing industries expanded at the fastest pace in four months in November as companied stepped up output to meet export demand.
The Purchasing Managers’ Index rose to 61.8 from 59.2 in October when adjusted for seasonal swings, Zurich-based Credit Suisse Group AG said in an e-mailed statement today. That’s the highest since July. Economists forecast a gain to 59.5, the median of 11 estimates in a Bloomberg News survey showed.
Swiss companies may become more reluctant to boost spending and hiring over the coming months as the euro-region economy, the country’s largest export market, shows signs of cooling. Leading economic indicators fell to the lowest in seven months in November and the Swiss central bank forecast an economic slowdown in the second half of the year and into 2011.
A gauge measuring output rose 7.3 points in November to 64.2 points, the highest since July, today’s report showed. An indicator of order backlogs also increased last month.
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