The manufacturing activity in Switzerland contracted at a quicker pace in July, the Schweizerischer Verband fur Materialwirtschaft und Einkauf and Credit Suisse revealed in their report on Wednesday. The Manufacturing PMI tumbled from June's 44.9 to 38.5 in the reported month, down 6.4 index points month on month and 19.5 index points year on year.
The figure hit its lowest point since April 2009 and remained in the contraction territory for seven straight months. "We are now seeing a broad-based fall in output, while the decrease in the order backlog suggests that a near-term recovery is unlikely," it was said in the report. Both the production and purchasing volume declined steeply, despite lower purchasing prices and better delivery conditions.
The Services PMI slid to 42.7 in July from June's 49.6, down 6.9 index points on a monthly and 12.9 index points on an annual basis.
