procure.ch/UBS Services PMI in Switzerland

Switzerland's Services PMI, compiled by procure.ch together with UBS, is a monthly survey of purchasing managers in the Swiss services sector. A reading above 50 signals expanding activity and below 50 signals contraction. It is released in the same report as the manufacturing PMI.

A weighted composite of several sub-indices (business activity, new orders, employment, delivery times and inventories), seasonally adjusted, following a methodology comparable to international PMIs. It is released on the first working day of the month.

It is one of the most closely watched leading indicators of the Swiss economy: released weeks ahead of industrial production and GDP, it offers an early read on the economy's largest sector and can move the franc and expectations for the SNB.

It is a qualitative, privately run survey (measuring direction, not magnitude): the public release gives the headline, while the sub-index detail sits in the paid report. Like any survey, it can reflect sentiment rather than actual activity.