Swiss Factory Activity Contracts More than Expected

2026-01-05 09:03 By Joshua Ferrer 1 min. read

Switzerland’s procure.ch and UBS manufacturing PMI fell to 45.8 in December 2025 from 49.7 in November, well below forecasts of 49.9 and marking three years below the 50-point threshold.

It also marks the lowest level since the announcement of US tariffs, despite some easing in protectionism-related headwinds.

The downturn was broad-based, with production dropping 2.1 points to 45.8, while the order book index slid sharply by 7.1 points to 41.1.

Purchasing volumes declined to 42.2, and stocks of purchased goods fell to 42.5.

Employment also weakened, slipping 3.5 points to 46.4, remaining firmly in contraction territory.

On the cost side, purchasing prices stayed above 50 at 52.8, despite a monthly decline, and delivery times edged up to 56.4, while sales stocks eased to 46.2.

Overall, the PMI continues to reflect ongoing strain in Swiss manufacturing, even after the US agreed a trade deal with Switzerland that reduced outsized tariffs on some of the country’s exports.



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