Switzerland’s manufacturing sector contracted for the third consecutive month in March, the Credit Suisse said Wednesday.
Although the procure.ch Purchasing Managers’ Index rose to 47.9 in March from 47.3 in February, the score was below 50 indicating contraction in the sector. The reading was expected to rise to 47.5.
The industrial activity has been contracting since the Swiss National Bank abandoned the currency ceiling. The report said the stabilization of the index was probably due to the stabilization of the exchange rate.
All the sub-indices excluding suppliers’ delivery time remained below 50 in March. The suppliers’ delivery time rose 0.8 points to 51.4.
The employment outlook index lost 1.8 points to close at 43.6, the lowest since October 2009.
The material has been provided by InstaForex Company – www.instaforex.com