The Swiss SVME Purchasing Managers' Index or PMI stagnated at a record low of 32.6 in March, a report from Credit Suisse showed Wednesday. Economists had expected the reading to rise to 33 in March. The index has not posted a further fall for the first time in 15 months.

A reading below 50 suggests contraction in economic activity, while a reading above 50 indicates expansion. The PMI has remained below the threshold for the seventh straight month.

The SVME Purchasing Managers' Index is a joint project between the SVME Association of Purchasing and Materials Management and Credit Suisse.

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