Swiss manufacturing PMI hits record, inflation picks up
ZURICH, Aug 2 (Reuters) - The Swiss manufacturing sector remained robust and inflation picked up in July, signalling the export-led economy's rebound from pandemic-induced restrictions was intact, data showed on Monday.
The procure.ch Purchasing Managers' Index (PMI) for the manufacturing industry hit its highest level since records began in 1995, narrowly eclipsing the previous high from May.
"While the labour market situation is now picking up, with around one-third of businesses adding staff, the recovery is relatively subdued. Scarcity remains, with prices rising on a widespread basis," said economist Claude Maurer at Credit Suisse, which compiles the index with the Professional Association for Procurement and Supply Management.
The Swiss service sector, which is more focused on domestic consumption, lost some momentum in July but was still well above the growth threshold and was pointing towards a recovery for the sixth month in a row.
One-fifth of services companies were growing their workforce, with just 6% cutting jobs, the survey found.
Swiss retail sales rose 0.1% in calendar-adjusted real terms in June versus the year-earlier month, the Federal Statistics Office said. Sales were down 3.5% compared to the previous month when adjusted for seasonal effects.
Swiss consumer prices rose 0.7% from a year ago in July, up from 0.6% in June. (Reporting by Michael Shields Editing by Peter Graff)
