Swiss manufacturing PMI hits record high in April

ZURICH, May 3 (Reuters) - The outlook for Switzerland’s industrial sector continued to brighten in April as the Purchasing Managers Index hit a record high, data showed on Monday.

The PMI indicator, produced by and Credit Suisse, rose to 69.5 points, its highest since records began in 1995.

Readings for order backlog, purchase prices and suppliers’ delivery times also hit records, while output was the second-highest after only July 2006.

“The recovery in Swiss manufacturing is broad-based and will likely remain in place for the foreseeable future in light of the positive order situation,” Credit Suisse economist Claude Maurer wrote.

Export-driven Switzerland is benefiting as the global economy cranks back into life.

“Swiss manufacturing is bouncing back so quickly that signs of scarcity are widespread, to such an extent that this is even causing prices to rise. That said, the process of restoring capacity is making rather sluggish progress amidst signs of a certain scepticism on the part of businesses regarding the longevity of the boom,” he added.

The services sector PMI rose 2.1 points to 57.6, above the growth threshold for the third consecutive month but still lagging the recovery in manufacturing as pandemic restrictions on public life weigh on domestic consumption. (Reporting by Michael Shields; Editing by Toby Chopra)