World Economy

Swiss Factory Output Falls

Swiss Factory Output FallsSwiss Factory Output Falls

Switzerland’s manufacturing output fell in July, suggesting companies are still battling to cope with the strong franc and that weaker demand for Swiss industrial goods is likely to persist for some time, Dow Jones reported. The Swiss Purchasing Managers’ Index dropped 1.3 points to a seasonally-adjusted 48.7 points from 50.0 points in June, data released Monday showed. The July reading was below an economists’ average forecast of 50.3. The Swiss index again slipped below the 50-point level, which signals a contraction in industrial output, for the sixth month this year. Manufacturing fell sharply in the aftermath of the Swiss National Bank’s decision Jan. 15 to scrap the cap for the franc, allowing it to surge against the euro.