Switzerland's Purchasing Managers' Index (PMI) rose for the first time in over a year in April, a first sign that a steep drop in manufacturing may be nearing a bottom. The Credit Suisse-SVME purchasing managers' index rose to 34.7 points, up from the record low of 32.6 in March. Credit Suisse said, and above the median forecast in a Reuters economists poll of 33.8 points.
"This is the first increase for 16 months (November 2007)," Credit Suisse said in a statement. "A look at the PMI's components also finds signs that a floor is gradually building. "With the exception of employment, all of the subcomponents rose over the month, even though all five still remain below the 50-point threshold," it said. The global recession has hit the export-oriented Swiss economy hard and the Swiss National Bank forecasts the economy will contract by up to 3 percent, which would be the worst recession since 1975.