Swiss manufacturing keeps rallying amid COVID curbs
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Swiss manufacturing keeps rallying amid COVID curbs

ZURICH, Feb 1 (Reuters) – The Swiss manufacturing sector is still expanding despite restrictions to curb the spread of the coronavirus pandemic, purchasing managers’ index (PMI) data released on Monday showed.

The procure.ch PMI hit 59.4 points in January, 2.1 points higher than in December.

While seasonal adjustment factors at the start of the year skewed comparisons slightly, “not only is the rally in manufacturing continuing, it has actually broadened further – despite the second wave of COVID-19 and the tightening of restrictions to contain the virus,” said economist Claude Maurer at Credit Suisse, which helps compile the index.

The second wave of coronavirus was having less of an impact on investment behaviour than the first, its survey found. A narrow majority of industrial companies anticipated a return to normality by the end of March.

“While the service sector, which has a greater focus on domestic consumption, is experiencing a slowdown, there is no indication as yet of the kind of slump we saw in spring 2020,” it added.

Reporting by Michael Shields; Editing by Silke Koltrowitz

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