FX.co ★ Swiss Manufacturing PMI Slips in September, Signalling Softer but Ongoing Expansion

Switzerland’s factory activity eased in September, as the procure.ch Manufacturing Purchasing Managers’ Index (PMI) declined to 55.3 from 57.1 in August 2026. The latest reading, released on 1 October 2026, indicates that while the sector is still expanding, the pace of growth has moderated.

A PMI level above 50 points to expansion in manufacturing, so September’s figure continues to reflect a generally positive environment for Swiss producers. However, the step down from August’s stronger level suggests that momentum may be cooling, potentially reflecting a more cautious tone among manufacturers regarding incoming orders, production plans, or costs.

Investors and businesses will be watching upcoming PMI releases closely to assess whether September’s slowdown is a temporary pause or the start of a more sustained loss of speed in Switzerland’s industrial cycle.