FX.co ★ Swiss Factory Activity Hits Near 4-Year High

Switzerland’s procure.ch–UBS Manufacturing PMI rose sharply to 57.3 in May 2026 from 54.5 in April, surpassing market expectations of 54. This was the highest reading since July 2022, reflecting a stronger expansion in both output and demand. The production index climbed 5.0 points to 57.3, while the order books index increased 3.3 points to 59.4.

The labor market component also strengthened, with the employment sub-index advancing 1.5 points to 49.9, although it remained just below the neutral 50 mark. At the same time, supplier delivery times continued to lengthen, with the corresponding index rising 1.6 points to 65.7, signaling persistent supply-chain bottlenecks.

Purchasing volumes softened, with that index falling 2.8 points to 51.7. The index for sales inventories declined 3.5 points to 45.4, while the index for inventories of purchased goods held steady at 53.3.

On the cost side, price pressures eased only slightly, as the purchasing prices index edged down 0.1 point to a still-elevated 82.7.