Swiss PMI dip shows manufacturing loses some steam

* Oct Purchasing Managers’ Index falls to 59.2 pts

* Points to overall slowdown in economy

* Shows production, employment still rising, orders increase

ZURICH, Nov 1 (BestGrowthStock) – Switzerland’s manufacturing
industry is losing some steam, a dip in the country’s Purchasing
Managers’ Index in October showed, adding to signs that the
economy is set to grow at a slower rate in coming months.

The PMI dropped to 59.2 points from 59.7 points in
September, said Credit Suisse, which compiles the index together
with Swiss purchasing managers’ association SVME. The drop was
in line with analysts’ forecasts in a Reuters poll.(ECONCH: )

Its third consecutive monthly fall was a clear indicator of
an expected overall slowdown in growth, Credit Suisse said.

SNB head Philipp Hildebrand said in a newspaper interview at
the weekend a slowdown may be felt especially in the first half
of next year as a persistently strong Swiss franc weighs on
exporters. [ID:nLDE69T0AD]

A sceptical outlook from the central bank suggests Swiss
interest rates are unlikely to rise from ultra-low levels any
time soon, even as the PMI continued to paint a relatively
upbeat picture.

Sub-indicators for production, order backlogs and staffing
plans were all well above 50 points, pointing to solid output
and employment growth ahead.

(Reporting by Sven Egenter; Editing by John Stonestreet)

Swiss PMI dip shows manufacturing loses some steam