FX.co ★ Swiss Factory Activity Recovers to Over 3-Year High

Switzerland’s procure.ch and UBS Manufacturing PMI jumped to 53.3 in March 2026, up sharply from 47.4 in February and far exceeding market expectations of 47.0. This reading signals a return to expansion for the first time since December 2022 and marks the highest level recorded since then, with broad-based improvements across key components.

Production rose by 3.6 points to 50.6, while new orders surged by 7.3 points to 54.2. Purchasing activity also strengthened, gaining 3.3 points to 48.3, though it remained just below the neutral 50 threshold. Stocks of purchases increased markedly, climbing 14.8 points to 53.5, and finished goods inventories advanced by 7.3 points to 50.3. At the same time, supplier delivery times lengthened significantly, with that index jumping 10.2 points to 63.6.

The labor market component continued to lag the broader upturn. The employment index slipped by 1.1 points to 47.5, indicating ongoing contraction in hiring. On the cost side, purchasing prices rose sharply, surging 15.5 points to 71.3.