Things are looking better in the service sector
Prospects for Swiss industry are clearly clouding over
The mood in Swiss industry deteriorated significantly at the beginning of the year. The service sector has meanwhile climbed back above the growth threshold.
Published: 6 minutes ago
The mood in Swiss industry has deteriorated significantly. However, the service sector is looking to the future somewhat better. (icon picture)
In industry, the purchasing managers’ index (PMI) fell significantly by 5.2 points to 49.3 points in January 2023, as Credit Suisse announced on Wednesday. Economists polled by news agency AWP had forecast higher readings in the range of 52.0 and 54.3 points.
The leading indicator for industry is thus below the growth threshold (of 50 points) for the first time since July 2020, the authors of the study explained. The slowdown in industrial activity that has been visible since autumn 2021 has thus resulted in a “veritable” decline.
On the other hand, things are looking better again in the service sector. Sentiment in the sector, which is more geared towards domestic consumption, rose by 7.2 points to 56.7 points, clearly moving back into growth territory.
However, since the services PMI fluctuates more than in the industrial sector, a single monthly value should not be overinterpreted according to CS. In general, however, growth in the service sector is also tending to slow down.