Swiss Factory Index Jumps to Indicate First Growth Since 2022

(Bloomberg) — A gauge of Swiss manufacturing activity unexpected surged in March to indicate expansion for the first time in more than three years.

The purchasing managers index from UBS and procure.ch jumped to 53.3 from 47.4 in February, crossing the 50-point threshold separating growth from contraction for the first time since December 2022. Economists had expected a slight drop in the gauge.

“This improvement’s sustainability is uncertain,” the organizations said in a statement on Wednesday. “As a result of the escalation of the conflict in the Middle East, purchase prices and suppliers’ delivery times have increased significantly. Confirmation in the coming months is needed before a sustainable trend reversal can be declared.”

A separate guage for services also rose to 57.2 from 54.2 the prior month.

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