FX.co ★ Swiss Factory Contraction Intensifies in February

Switzerland’s procure.ch and UBS Manufacturing PMI fell to 47.4 in February 2026 from 48.8 in January, undershooting market expectations of 50.1. This extends a three-year run below the 50-point mark, signaling continued contraction in the manufacturing sector.

Production retreated by 3 points to 47, after having climbed to 50.8 in January. Order backlogs slipped 0.8 points to 46.9, while stock purchases dropped sharply by 4.5 points to 38.6. In contrast, purchasing volumes rose by 2 points to 45.1, sales inventories inched up 0.1 points to 43, and employment improved by 1.6 points to 48.6. Delivery times eased slightly, decreasing 0.5 points to 53.4.

On the cost side, input prices increased markedly, rising 4.3 points to 55.8 and underscoring mounting cost pressures within the manufacturing sector.