Swiss SVME PMI Hits Record High In May

(RTTNews) - Switzerland's SVME Purchasing Managers' Index unexpectedly rose to an all time high level in May, a joint report from the SVME Association of Purchasing and Materials Management and Credit Suisse showed Tuesday.

The index stood at 66.4 in May, up from 65.9 in April. The expected reading was 64.7. The seasonally-adjusted PMI has now remained above the 50-point growth threshold for nine successive months. The industry momentum that is being reflected in the current PMI originated from a low level.

The survey found that all five of the sub-components that feed into of the PMI calculation closed the month in the growth zone. But the only noteworthy increases came from the output and stocks of purchases elements. Output and stocks of purchases rose 1.1 points and 7.2, respectively.

The suppliers' delivery component climbed only 0.6 points in May. Meanwhile, backlog of orders dipped 1.4 points and employment by 0.4 points. The decline in purchase prices component was 5 and that in quantity of purchases was 4.3.