BRUSSELS (dpa-AFX) - The Swiss manufacturing sector staged a surprise rebound in December, after suffering contraction in the past three months, data from the SVME Association of Purchasing and Materials Management and Credit Suisse showed Tuesday.
The seasonally adjusted purchasing managers' index rose more than expected to 50.7 in December from 44.8 in November. Economists were looking for a modest rise to 45.4. An index reading above 50 indicates expansion of the sector, while a reading below 50 suggests contraction of the sector.
The easing on the exchange rate front and emerging hopes of a solution to the euro crisis at the end of 2011 have clearly stabilized the situation in the Swiss industry, the survey report said.
The employment subcomponent rose to 48.2 from 45.8 in the preceding month. Output expanded with the index scoring 56.1 compared to 45.9 in the preceding month.
However, any renewed setback in Europe would probably have the immediate effect of pushing the PMI down again, the report warned.
Copyright RTT News/dpa-AFX