RTTNews - Switzerland's Purchasing Managers' Index rose to 44.3 in July, which was the highest reading since October 2008, a survey from the SVME Association of Purchasing and Materials Management and Credit Suisse showed Monday. Economists were expecting the reading to climb to 43.6 in July from 41.8 logged in the prior month.
A reading below 50 suggests contraction in economic activity, while a level above 50 indicates expansion. Though the industrial activity is declining, the economic downturn is losing momentum.
Industrial output was virtually flat in July compared with June and delivery times lengthened again. On the other hand, the stocks of purchases component barely moved from June's historical low. Companies continue to reduce their inventories and the backlog of orders closed more or less unchanged in July. Prospects on the labor market remained poor.
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