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Financial News: Swiss Factory Sector Growth Slows More Than Expected

Swiss Factory Sector Growth Slows More Than Expected

05/02/2017 - 06:28:00 (RTTNews)

(RTTNews) - Swiss manufacturing growth slowed faster-than-expected in April, but the pace of expansion remained robust, survey results from the association for Procurement and Supply Management procure.ch and Credit Suisse showed Tuesday.

The procure.ch Purchasing Managers' Index for the Swiss factory sector dropped to 57.4 from 58.6 in March. Economists had forecast a score of 58.1.

A score above 50 suggests growth in activity.

The decline of the new order and production sub-indices more likely reflect the normalization after the sharp rises of the previous months than a turnaround, the report said.

Supplier delivery times increased sharply mirroring the picture of a renewed good capacity utilization of Swiss industry.

Consequently, industrial enterprises hired staff again and the corresponding sub-index closed above the 50-threshold for the fourth month in a row.

"This turnaround in industry is good news for the Swiss economy as a whole, as job security is a crucial determinant of private consumption that in turn represents an important pillar of the domestic economy," the report said.

"We therefore expect economic growth to accelerate in 2017 at a comparable rate to the preceding years."

The PMI for the services sector closed at 62.6 in April, well above the neutral mark of 50.

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