procure.ch/UBS Manufacturing PMI in Switzerland

A diffusion index for Swiss manufacturing produced by procure.ch (the purchasing and supply management association, formerly SVME) together with UBS Switzerland AG, based on a monthly survey of purchasing managers. A reading above 50 signals expansion on the previous month and below 50 contraction. It is a private survey, not published by any statistical office.

A weighted composite of sub-indices (output, new orders, employment, suppliers' delivery times and inventories), seasonally adjusted. The methodology is equivalent to that of international PMIs.

The most closely watched leading indicator of Swiss economic activity: released on the first working day of the month, weeks ahead of industrial production and GDP, and a print above or below expectations can move the Swiss franc and expectations for the Swiss National Bank (SNB).

A qualitative survey that measures the direction of change rather than its magnitude, and privately run: the public release gives the headline, while the sub-index detail sits in the paid report.