INSTANT VIEW 1-Swiss Nov PMI rises to 56.9 points in Nov

ZURICH, Dec 1 (Reuters) - The Swiss purchasing managers' index rose to a seasonally adjusted 56.9 points in November from 54.0 points in the previous month, data showed on Tuesday.

The index is compiled by the Swiss SVME purchasing managers' association and Credit Suisse.



KEY FIGURES

(in points, seasonally adjusted)



Nov 2009 Oct 2009 Nov 2008

PMI 56.9 54.0 37.3



m/m change

in pts

--Sub-indices

Production 59.4 -1.1

Orderbook 66.5 8.8

Purchasing volume 57.3 -0.3

Purchasing prices 51.8 -0.3

Delivery times 59.6 2.3

Stocks purchased 39.9 -5.3

Sales stocks 43.2 -1.7

Employment 45.7 3.4



NOTE - The indices are calculated on the basis of a monthly survey of SVME members; a value for the main index above 50 points indicates the manufacturing sector is expanding, a value below 50 signals a contraction.



FORECAST

Economists polled by Reuters had forecast a PMI reading of between 54.4 and 55.8 points with a median value in the poll of 9 analysts of 54.9 points.



KEY POINTS FROM THE STATEMENT

* The last time the PMI exceeded its present level was in March 2008, when industry was booming. However, we should not ignore the fact that the recovery currently being reflected in the PMI started from a very low level indeed.

* The improvement in industrial fundamentals is also clear when the index trend is smoothed out over three months. Viewed in this way, the index has been in the growth zone for the past two months and now stands at 55.1 points.

* Each of the five subindices that feed into the PMI closed higher month on month. Only the stocks of purchases and employment subindices remained below the growth threshold.

* Stocks of purchases are still being reduced, which points to a degree of skepticism about future demand. Despite closing higher month on month, the employment component of the PMI still languishes below the growth threshold (45.7). There is not yet any sign of a turnaround on the labor market.



For more details of the Credit Suisse/SVME statement Reuters 3000 Xtra users can click on:



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