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The Swiss procure.ch Manufacturing PMI dropped to 45.8 in April 2025 from 48.9 in March, marking a nine-month low and falling short of market expectations of 48.6. This was the 28th consecutive month the index remained below the 50-point threshold, indicating ongoing contraction in the sector. The report highlighted that Swiss manufacturers have been increasingly impacted by rising protectionist trade measures over the past year. Key components showed broad-based weakness: order backlogs fell 5.5 points to 44.6, purchasing volumes dropped 1.1 points to 44.1, employment slipped 3.7 points to 44.0, inventories declined 2.5 points to 41.5, finished goods stocks fell 4.4 points to 42.3, and purchasing prices eased 2.8 points to 47.8. The only positive development was a slight rise in production, which gained 1.3 points to 49.7, though it still remained in contraction territory.