Swiss manufacturing output unexpectedly contracted in April, as the euro crisis took its toll on order inflows.
The procure.ch Purchasing Managers’ Index fell to 46.9 in April from 51.1 in March, when adjusted for seasonal swings, Credit Suisse Group AG in Zurich said in an e-mailed statement today. That’s the lowest level since November. A reading below 50 indicates contraction. Economists had forecast a value of 51, the median of 12 estimates in a Bloomberg survey showed.
“The course of the index clearly shows the back and forth of the euro crisis,” Credit Suisse said. “Disappointment is taking hold again.”
The output sub-indicator fell 6.4 points to 46.2, while the gauge measuring backlogs of orders dropped 7.4 points to 47.8 and the indicator of suppliers’ delivery times advanced 2.4 points to 50.8. Both the sub-indicators for employment and stocks of purchases fell from March.
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