Swiss SVME PMI Drops In August

(RTTNews) - The Swiss SVME Purchasing Managers’ Index dropped 1.6 points to 52.5 in August, a monthly survey conducted by SVME and Credit Suisse showed on Monday. Economists were looking for a reading of 53.2. Although the index stood above the critical level of 50 in August, it remained below the long-term average of 54.4.

The PMI, created jointly by the Swiss Association for Materials Management and Purchasing or SVME and Credit Suisse, is an economic indicator that shows business developments in the industrial sector.

Three of the five index sub-components triggered the PMI’s downturn in August. The backlog of orders dropped 3.6 points and output component slid 3.1 points. The employment component fell 1.1 points to 55.9. At the same time, the stocks of purchases rose 3.8 points and suppliers’ delivery time lengthened a little.

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