FX.co ★ Swiss Factory Activity Hits 5-Month Low

Switzerland’s procure.ch–UBS Manufacturing PMI slipped to 53.2 in July 2026 from 54.3 in June, undershooting market expectations of 55. The index remains in expansionary territory but points to the weakest growth since February, as momentum eased across most key components.

Production growth slowed notably, with the output subindex declining to 54.2 from 57.0 in June, while order books softened slightly to 53.2 from 53.5. Purchasing activity weakened more markedly: purchasing volumes fell into contraction territory, dropping to 48.1 from 50.9, and purchasing inventories declined to 47.5 from 50.4.

Further signs of strain appeared in sales stocks and employment, both of which continued to deteriorate, with sales inventories falling to 46.8 from 48.1 and the employment index easing to 47.7 from 48.9. At the same time, supplier delivery times lengthened further (62.9 vs. 60.9), pointing to increased delivery delays.

On the price front, cost pressures intensified. The input price index rose to 74.2 in July from 72.8 in the previous month, indicating stronger inflationary pressures in the manufacturing sector.