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Purchasing Mangers Index
Measures the activity level of purchasing managers, which is a leading indicator of overall economic activity.

Main Indicator: SVME PMI

Most Recent Release

May
2nd, 2008
Actual Forecast Previous Revised Form
56.7 55.0 55.3 N/A

For April
Provided by: Credit Suisse
Official Release: PDF 

From the Release: "The SVME Purchasing Managers' Index (PMI) edged up by 1.4 points to 56.7 points in April, its first increase since January of this year. The index thus remains above the long-term average of 54.5 points, although there is no hiding the longer-term slowdown in the pace of industrial growth. The average PMI for the year to date is 58.5 points. This time last year it was 6% higher at 62.2 points. All in all, the latest rise in the index tells us that expansionary momentum in industry is easing off gradually.

Four out of the PMI's five subcomponents were behind the improvement in the index during the month just ended. The output component, for example, put on 2.5 points to reach 58.3 points, signaling somewhat livelier production over the month. When the trend is smoothed out over three months, however, it would seem that the slowdown is bedding in.The sliding three-month average fell from 61.0 to 58.9 points –its lowest level since the end of 2005. The backlog of orders component rose 2.3 points to 55.6 points, reflecting a modest recent boost to order books. The longer-term picture nonetheless also reveals lower activity levels. At 57.9 points, the average backlog of orders subindex for the year to date lags 9.6% behind the year-back figure. The stocks of purchases component was up 4.2 points to 52.8 points, while the suppliers' delivery times component extended by 0.3 points to 55.8 points. Meanwhile, the employment component slipped 1.7 points to its lowest level since June 2006 (59.0 points)."

Table of Past Data

8/29/310/111/112/31/32/13/34/15/2
Actual63.065.157.660.763.461.361.660.555.356.7
Forecast62.062.063.258.059.561.560.360.560.055.0
Previous62.863.065.157.660.763.460.861.660.555.3
Revised FromN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Past Releases

April
1st, 2008
Actual Forecast Previous Revised Form
55.3 60.0 60.5 N/A
March
3rd, 2008
Actual Forecast Previous Revised Form
60.5 60.5 61.6 N/A
For February
February
1st, 2008
Actual Forecast Previous Revised Form
61.6 60.3 60.8 N/A
For January
January
3rd, 2008
Actual Forecast Previous Revised Form
61.3 61.5 63.4 N/A
For December

Output remained steady as backlog of orders and purchase quantities declined. The Index for Manufacturing sector activity is still well above the 50 mark although it showed a slight deceleration in December.
December
3rd, 2007
Actual Forecast Previous Revised Form
63.4 59.5 60.7 N/A
For November
November
1st, 2007
Actual Forecast Previous Revised Form
60.7 58.0 57.6 N/A
October
1st, 2007
Actual Forecast Previous Revised Form
57.6 63.2 65.1 N/A
For September.

Swiss manufacturing cooled considerably from its pace in August, when it posted a 65.1. Higher credit costs are putting the brakes on European economic growth. This is the first decline since May, and undershot what economists had predicted. Switzerland export industry depends on Europe, and what will happen to the Euro-zone as a result of higher credit costs, will affect the growth of the Swiss economy.
September
3rd, 2007
Actual Forecast Previous Revised Form
65.1 62.0 63.0 N/A
Swiss manufacturing was forecast to decline to 62 because of the recent financial market turmoil and the prospect of weaker US demand for Swiss goods. However, the indicator surprised on the upside measuring 65.1, the highest since December. A component measuring output rose to 66.7, while an indicator measuring the backlog of orders reached a nine-month high of 71.2, today's report showed.
Exports have been doing well, as the Swiss Franc has depreciated about 2 percent against the Euro this year, making Swiss exports more competitive in Europe.

Swiss Manufacturing MPI
August
2nd, 2007
Actual Forecast Previous Revised Form
63.0 62.0 62.8 N/A
Swiss Industrial activity remained elevated edging up 0.2pts to 63.0 in July. Two index heavyweights outputs and backlog of orders which accounts for 55% of the index trend, were the main driver of this advance, while other components saw slight softening. Output rose to to 64.8 from 61.4, its highest since December 2005. Backlog of orders increased to 64.5 from 62.

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