Suisse PMI manufacturier

The Swiss procure.ch and UBS PMI rose to 49.7 in November 2025 from 48.2 in October, above forecasts of 48.5. It marks the highest reading since December 2022, signalling that the industrial economy is approaching stabilization after nearly three years of continuous contraction. Increases were seen in orderbooks (+0.8 to 48.1), delivery times (+3.9 to 55.8), stocks purchases (+3.4 to 48.8), sales stocks (+0.8 to 46.8) and employment (+2.7 to 49.9). On the other hand, production contracted slightly more (-1.2 to 47.9) and purchasing prices accelerated (+2 to 55). Meanwhile, only around 24% of surveyed companies now expect an increase in protectionism over the next 12 months, compared to more than 40% in October, amid an agreement between Switzerland and the US on a trade deal.