Europe

Swiss Factory Sector Contracts For Third Month

Activity in the Swiss manufacturing sector decreased for the third consecutive month in June, though at a slower rate, data released by Credit Suisse showed Monday.

The purchasing managers' index (PMI) for the manufacturing sector came in at 48.1 in June, up from 45.4 in May. A PMI reading below 50 indicates contraction in the sector, while one above suggests growth. Economists expected the index to decline to 45. The index fell below the non-change 50 mark - which separates growth from contraction - for the third consecutive month.

Meanwhile, production at Swiss factories increased in June, despite the fact that backlog of orders has been declining sharply for three months. Manufacturers reduced their workforces for the ninth consecutive month in June.

Input prices faced by manufacturing firms decreased at a faster pace during the month, and marked the third successive fall, data showed.

by RTT Staff Writer