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Financial News: Capital Economics: Swiss Manufacturing Growth To Remain Sl

Capital Economics: Swiss Manufacturing Growth To Remain Sluggish

07/01/2019 - 10:18:00 (RTTNews)

(RTTNews) - Switzerland's purchasing managers' survey data, released on Monday, suggest that growth in the manufacturing sector is set remain sluggish over the rest of the year, Capital Economics said.

The Credit Suisse Swiss PMI declined to 47.7 in June from 48.6 in May, defying economists' expectations for a modest improvement to 49. The latest level of the PMI was the lowest since October 2012.

A PMI reading below 50 suggest contraction in the sector.

The survey suggest that conditions in the Swiss industrial sector have worsened going into the second half of the year, Capital Economics Senior Europe Economist David Oxley said.

The economist pointed out that the weakness in the Swiss manufacturing sector has come alongside continued troubles in its counterpart in neighboring Germany, into which it is closely integrated through supply chains.

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