Latest data released by Procure - 1 December 2020

Swiss manufacturing conditions surprisingly jumped higher in November, with the details showing that the improvement here is a pretty positive one as supply chains are now running smoothly - unlike that seen in the spring.

That is leading to higher output and order backlogs, with the pace of job cuts also slowing down. However, the services reading showed a drop from 50.4 in October to 48.0 in November, reflecting more tepid conditions in the Swiss economy.

With the resurgence of the virus and the reliance of the domestic economy on services, that is more telling about the state of things than the headline beat.